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Willis Lease unit to offer $373.4M notes

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Willis Lease unit to offer $373.4M notes

Willis Lease Finance Corp. subsidiary Willis Engine Structured Trust IV intends to offer $373.4 million in fixed rate notes.

The notes will be issued in two tranches, with approximately $326.8 million to be issued as series A notes and approximately $46.7 million to be issued as series B notes.

The notes will be secured by Willis Engine's interests in a portfolio of 55 aircraft engines and one airframe, among other things.

Net proceeds from the offering will partly be used to pay Willis Lease Finance for the aircraft engines and airframe acquired by Willis Engine from the former in the financing. Willis Lease Finance will also use the proceeds to repay certain amounts withdrawn under its existing credit facilities and for general corporate purposes.