secwatch.observer — SEC 8-K summary
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Issuer:     WILLIS LEASE FINANCE CORP (WLFC)
CIK:        0001018164
Form:       8-K
Filed at:   2023-10-31T23:59:59+00:00
Accession:  0001193125-23-267150
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

WLFC closes $410M secured note offering via subsidiary WEST, 8% coupon
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- Issued $410M aggregate principal of fixed-rate notes secured by 51 aircraft engines and 4 airframes.
- Notes priced at 98.84814% of par with 8.000% fixed coupon; expected maturity ~6 years, final maturity 25 years.
- Net proceeds used for fees, reserve accounts, and to pay Willis over 270 days for assets; Willis uses proceeds for general corporate purposes.
- Servicing fees: Willis receives senior rent fee of 8.0% and subordinated fee of 3.5% of net rents, plus 3.0% of asset sale proceeds.
- Transaction includes indenture with customary covenants and revolving credit facility from Bank of America for interest obligations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1018164/000119312523267150/0001193125-23-267150-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1018164/000119312523267150/d558676d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-267150

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