Willis Lease Finance Corp. (WLFC) this afternoon sold its $390 million securitization of commercial jet engine leases rated by Standard & Poor's and Fitch Ratings, according to Bloomberg.

This morning the Novato, California-based lessor of commercial engines, said in a press release that the senior secured notes structured under Willis Engine Securitization Trust II will be privately placed.

The capital structure of the deal includes a single class issued by a straightforward securitization vehicle that will acquire 79 aircraft engines from WLFC, the company said in the release.

Fitch had assigned preliminary single-A rating to the deal. The offering's proceeds will be used to repay notes previously issued by Willis Engine Securitization Trust.

The rating agency said that the notes are backed mostly by payments for operating leases on a portfolio of commercial aircraft engines and proceeds from the disposition of those engines.

WLFC will be the servicer and administrative agent for the pool's engines and initial leases.

It will also be responsible for the ongoing leasing activities related to the engines such as the underwriting and servicing of new leases and the maintenance and disposition of the engines.


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