Willis Lease closes private placement of $233 million

Willis Lease Finance Corporation reported it closed a private placement of $233 million of new 13-15 year term notes for Willis Engine Securitization Trust (WEST) on March 28, 2008. The proceeds of the term notes were used to repay existing warehouse borrowings totaling $164 million and to purchase 11 engines from Willis Lease. WEST issued $200 million of new warehouse notes in December 2007, which remain undrawn.