KUALA LUMPUR, June 11 (Bernama) -- Willis Lease Finance Corporation (WLFC) has expanded its US$890 million revolving credit facility to US$1 billion. (US$1 = RM4.17)
According to a statement, the premier independent jet engine lessor says the facility -- provided by a syndicate of 17 banks -- has a five-year term and was structured with a flexibility to support its growing business.
Willis Lease and its subsidiaries will use the expanded credit facility to continue growing its lease portfolio, which includes nearly US$2 billion in owned and managed assets, as of March 31.
The US$1 billion revolving credit facility has a $300 million accordion feature allowing for expansion up to US$1.3 billion.
“This improved credit facility delivers significant access to capital with attractive terms and flexibility to support the continued growth of our platform,” said chairman and chief executive officer, Charles F. Willis.
“Access to capital is fundamental to our success and we are grateful for the support of our long term and new banking partners.”
WLFC leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries.