Willis Lease Finance Corp. Enters Material Definitive Agreement

TL;DR

WLFC just signed a big deal, likely a new loan or lease agreement.

AI Summary

On May 3, 2024, Willis Lease Finance Corp. entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Delaware, filed this 8-K report with the SEC.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Willis Lease Finance Corp., which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can introduce financial risk, especially if the terms are unfavorable or the company's ability to meet them is uncertain.

Key Players & Entities

• Willis Lease Finance Corp. (company) — Registrant
• May 3, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• 001-15369 (filing_id) — Commission File Number
• 68-0070656 (tax_id) — I.R.S. Employer Identification Number
• 4700 Lyons Technology Parkway (address) — Principal Executive Offices
• Coconut Creek, FL 33073 (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share WLFC Nasdaq Global
• $500 million — nd an initial committed amount of up to $500 million (the "Credit Facility"). Commitments ha

Filing Documents

• wlfc-20240503.htm (8-K) — 30KB
• 0001018164-24-000036.txt ( ) — 151KB
• wlfc-20240503.xsd (EX-101.SCH) — 2KB
• wlfc-20240503_lab.xml (EX-101.LAB) — 21KB
• wlfc-20240503_pre.xml (EX-101.PRE) — 12KB
• wlfc-20240503_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On May 3, 2024, Willis Warehouse Facility LLC (the "Borrower"), a wholly owned subsidiary of Willis Lease Finance Corporation ("WLFC" or the "Company"), entered into a Secured Credit Agreement by and among the Borrower, the lenders party thereto, Bank of Utah, not in its individual capacity but solely as Security Trustee and Administrative Agent, and Bank of America, N.A., as Facility Agent, dated as of May 3, 2024 (the "Credit Agreement"). The Credit Agreement provides for a five-year, non-recourse, senior secured warehouse credit facility with an availability period of two years and an initial committed amount of up to $500 million (the "Credit Facility"). Commitments have been provided by a syndicate of banks including Bank of America, N.A. and BNP Paribas, as Co-Lead Structuring Agents and Lenders, and Crdit Agricole Corporate and Investment Bank, MUFG Bank, Ltd. and Wells Fargo Bank, N.A., as Joint Lead Arrangers and Lenders. Proceeds from the Credit Facility will be used to finance the acquisition of certain assets, including (i) aircraft engines, (ii) airframes and (iii) loan assets that are secured by aircraft engines or airframes. The Credit Facility is secured by substantially all of the Borrower's assets, which are expected to consist of the assets acquired with proceeds from the Credit Facility, and pledges of the Borrower's equity holdings of subsidiaries of the Borrower who may be formed from time to time to acquire or hold assets, among other assets. The Credit Facility will be recourse to the Borrower and its subsidiaries only, and will not be guaranteed by WLFC. Loans under the Credit Facility will bear interest at Term SOFR plus an applicable interest margin. The applicable margin for loans under the Credit Facility ranges from 2.25% to 3.75% based upon the applicable date. The initial applicable margin for loans under the Credit Facility will be 2.25%. The Credit Agreement contains

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized officer. Dated: May 6, 2024 WILLIS LEASE FINANCE CORPORATION By: /s/ Dean M. Poulakidas Dean M. Poulakidas Executive Vice President and General Counsel 3

View Full Filing

View this 8-K filing on SEC EDGAR