Willis Lease upsizes credit facilities

Willis Lease Finance Corporation reported the recent completion of three transactions which together serve to increase its liquidity by approximately $45 million and to reduce its overall cost of funds. First, the amount of revolving commitments under the Company’s primary revolving credit facility was increased from $240 million to $285 million and the international group of lenders expanded. Second, the maturity of the Company’s $20 million term loan secured by Willis Engine Securitization Trust (“WEST”) 2008-B1 Notes was extended by one year and will now mature December 31, 2011. Finally, Willis Lease purchased $17.9 million of WEST 2005-B1 Notes in a transaction financed by the bank which was the prior noteholder. WEST is a wholly-owned subsidiary of the Company, and as a result of the WEST notes purchase, the effective cost of funds associated with these notes dropped by 300 basis points.