Willis Lease Finance is returning to the securitization market for the first time in five years with $335.7 million of notes secured by leases for 56 aircraft engines, according to a presale report by Fitch Ratings.

The transaction, Willis Engine Structured Trust III, has structural features not found in the prior deal, completed in 2012, that Fitch describes as positive for all noteholders. These include “turbo” features for excess proceeds and debt service coverage ratio (DSCR) triggers for cash traps and rapid amortization.

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