Willis Lease Finance subsidiary closes $596M fixed-rate note offering

WILLIS LEASE FINANCE CORP

WEST issued $524M Series A (5.582%) and $72M Series B (6.070%) notes, secured by 62 engines and two airframes.
Notes have ~6 yr expected maturity, 5.1 yr weighted avg life, final maturity 25 yrs.
Final subscription multiples: Series A 3.60x gross/5.10x avail; Series B 7.15x/13.00x, indicating strong demand.
Proceeds primarily used to acquire engines/airframes from Willis and for general corporate purposes.
Willis earns servicing fees: 8% senior and 3.5% subordinated of net rents, plus 2% admin fee.

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