Willis Lease Finance’s wholly-owned subsidiary, Willis Engine Structured Trust IX (WEST), completed the previously announced offering of $337,400,000 in aggregate principal amount of Series A Fixed Rate Notes and $55,500,000 in aggregate principal amount of Series B Fixed Rate Notes. The notes are secured by, among other things, WEST’s direct and indirect interests in a portfolio of 47 aircraft engines and two airframes, which WEST will acquire from Willis Lease or its other subsidiaries pursuant to an asset purchase agreement.
The notes have a fixed coupon of 5.159% and 5.696%, respectively, an expected maturity of approximately six years, an expected weighted average life (based on certain modeling assumptions) of 4.1 years and a final maturity of 25 years. The notes were issued at a price of 99.99937% and 99.99686% of par, respectively.
The notes being offered by WEST have not been and will not be registered under the Securities Act of 1933, as amended, or any other securities laws of any jurisdiction, and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from registration requirements. The notes are being offered only to persons reasonably believed to be “qualified institutional buyers” as defined in, and in reliance on, Rule 144A under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act.
