Willis Lease amends Series A-1 Preferred terms: extends redemption, raises dividend to 8.5%

WILLIS LEASE FINANCE CORP

Mandatory redemption date for Series A-1 Preferred extended from Oct 17, 2023 to Sep 27, 2024.
Series A-1 dividend rate increased to 8.5% per annum from 6.5%, effective Oct 16, 2023.
Amendment agreed with Development Bank of Japan, applies only to Series A-1 holders.
Series A-2 Preferred terms unchanged at 6.5% rate; no impact on common stock.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

WILLIS LEASE FINANCE CORP amended First Amendment to Second Amended and Restated Certificate of Designations, Preferences, and Relative Rights and Limitations of Series A Cumulative Redeemable Preferred Stock with Development Bank of Japan Inc. valued at Extended Mandatory Redemption Event date to September 27, 2024; 8.5% quarterly dividend rate commenc (effective 2023-09-26).

Action: amendment
Counterparty: Development Bank of Japan Inc.
Value: Extended Mandatory Redemption Event date to September 27, 2024; 8.5% quarterly dividend rate commenc
Effective: 2023-09-26

Exact text from the filing

On September 26, 2023, Willis Lease Finance Corporation (the “Company”) entered into the First Amendment to Second Amended and Restated Certificate of Designations, Preferences, and Relative Rights and Limitations of Series A Cumulative Redeemable Preferred Stock with Development Bank of Japan Inc., which impacts only the holders of the Company’s Series A-1 Preferred Stock.

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Source: SEC EDGAR

accession 0001018164-23-000019

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