Willis Lease Finance Corp. is prepping its first aircraft engine lease-backed securitization, via structurer and lead manager First Union Securities. The $250 million-range deal is in the preliminary stages, according to industry sources, but is slated for this year.

Although there have been other attempts at it, the only successful all-engine lease deal came from Rolls-Royce Air & Engine. The $367 million traditional private placement was brought to market by Greenwich Capital Markets (then Greenwich NatWest) last May.

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