Willis Lease Finance Corporation reported it has sold 10 jet engines for $63 million to GSI Engines Gamma Limited Partnership (GSI) of Germany with financing provided by the German bank Norddeutsche Landesbank Girozentrale (NORD/LB), Hannover. Willis Lease will continue to service the engines and long term lease arrangements for its customers on behalf of GSI.
The 10 engines involved in the sale are currently leased to airlines globally under long term lease agreements. “The net book value for the engines is approximately $52 million. We are currently working through the accounting for the sale transaction and the associated service agreement,” added Brad Forsyth, Chief Financial Officer.