KUALA LUMPUR, Aug 9 (Bernama) -- Willis Lease Finance Corporation (Willis) announced that its wholly-owned subsidiary, Willis Engine Structured Trust IV (WEST IV) proposes to offer US$373.4 million (RM1.52 billion) in aggregate principal amount of fixed rate notes.
Willis is a leading lessor of commercial jet engines. The notes are expected to be issued in two series, with the Series A Notes to be issued in an aggregate principal amount of approximately US$326.8 million (RM1.33 billion) and Series B in an aggregate principal amount of approximately US$46.7 million (RM190.07 million). The notes would be secured by, among other things, WEST IV’s direct and indirect interests in a portfolio of 55 aircraft engines and one airframe, the company said in a statement. The net proceeds of the notes will be used, in part, to pay fees and expenses related to the issuance and to pay Willis periodically over a 270-day delivery period as consideration for the aircraft engines and the airframe acquired by WEST from Willis in the financing. The company will apply the net proceeds received to repay certain amounts drawn under Willis’ revolving credit facility and the remainder, for general corporate purposes. The notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act and outside the United States to non-US persons under Regulation S of the same Act. -- BERNAMA
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