Willis Lease Finance Corporation (NASDAQ:WLFC) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k

7 years ago

Willis Lease Finance Corporation (NASDAQ:WLFC) Files An 8-K Entry into a Material Definitive AgreementItem 8.01. Entry into a Material Definitive Agreement

On July28, 2017, Willis Lease Finance Corporation (the “Company”) and Willis Engine Structured Trust III, a Delaware statutory trust of which the Company is the sole beneficiary (“WEST III”), entered into a note purchase agreement dated July28, 2017 (the “Note Purchase Agreement”) with Merrill Lynch, Pierce, Fenner& Smith Incorporated, MUFG Securities Americas Inc., Wells Fargo Securities, LLC and BNP Paribas Securities Corp. (collectively, the “Initial Purchasers”). The Note Purchase Agreement provides for the issuance and sale of $293.7 million aggregate principal amount of WEST III’s SeriesA 2017-A Fixed Rate Notes and $42 million aggregate principal amount of SeriesB 2017-A Fixed Rate Notes (collectively, the “Notes”) to the Initial Purchasers. The Initial Purchasers are expected to resell the Notes to Rule144A and Regulation S of the Securities Act of 1933. The Notes will be secured by (among other things) WEST III’s direct and indirect ownership interests in a portfolio of 56 aircraft engines. The Note Purchase Agreement contains customary representations, warranties, covenants and closing conditions for a transaction of this type. The Note Purchase Agreement also contains provisions to which the Company and WEST III agree to hold harmless and indemnify the Initial Purchasers against damages under certain circumstances, which are customary for a transaction of this type.

The issuance and sale of the Notes are part of an offering, which, subject to satisfaction of a variety of customary conditions precedent, is scheduled to close on or about August4, 2017. The Company can give no assurance that the transaction will close on that date or at all.

Item 8.01 Other Events

On July28, 2017, the Company issued a news release in connection with the matters described under Item 8.01 above. A copy of the news release is attached hereto as Exhibit99.1 and is incorporated herein by reference.

Item 8.01 Financial Statements and Exhibits

(d)Exhibits.

Exhibit No.	Description
99.1	News release by Willis Lease Finance Corporation, dated July28, 2017.

WILLIS LEASE FINANCE CORP ExhibitEX-99.1 2 a17-18570_1ex99d1.htm EX-99.1 Exhibit 99.1 CONTACT: Scott B. Flaherty Chief Financial Officer (415) 408-4700 NEWS RELEASE Willis Lease Finance Commits to Offering of $335.7 Million in Fixed Rate Notes NOVATO,…To view the full exhibit click here
About Willis Lease Finance Corporation (NASDAQ:WLFC)
Willis Lease Finance Corporation along with its subsidiaries is a lessor of commercial aircraft engines. The Company operates through two business segments, such as Leasing and Related Operations, and Spare Parts Sales. The Leasing and Related Operations segment involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment, and the selective purchase and resale of commercial aircraft engines and other aircraft equipment. The Spare Parts Sales segment involves the purchase and resale of after-market engine and airframe parts, whole engines, engine modules and portable aircraft components, and leasing of engines destined for disassembly and sale of parts. Its lease portfolio consists of approximately 200 engines and related equipment, 10 aircrafts and five spare engine parts packages. The Company’s business activities also include equipment leasing and spare parts sales.