Willis Lease Finance expands revolving credit facility to $430m

Willis Lease Finance Corporation (WLFC), a leading lessor of commercial jet engines, increased its revolving credit facility to $430m from $345m. The credit facility, with an interest rate equal to the one-month LIBOR plus 2.50%, is available to Willis Lease on a revolving basis for the next four years through November 2016. This and other credit facilities support the company and its subsidiaries in financing its lease portfolio, which stood at $970.0 million as of June 30, 2012. “We added three new banks to our lender group and are very pleased with the continuing strong interest in our business model by the global banking community,” said Charles F. Willis, Chairman and CEO. “The larger revolving credit facility, coupled with the $390m ABS transaction just announced, provides us with long term, low cost financing to support our business operations for many years to come.” The $430m revolving credit facility has a feature that allows it to be expanded to $450 million, through increased commitments from current lenders or the addition of new lenders to the facility.