KUALA LUMPUR, Feb 14 -- Willis Engine Securitisation Trust II, a wholly-owned subsidiary of Willis Lease Finance Corporation (Willis) will be renamed Willis Engine Structured Trust V (WEST).
According to a statement, this is on, or prior to, the issuance date of the Notes – proposes to offer US$366.2 million in aggregate principal amount of fixed-rate notes (the Notes). (US$1 = RM4.14)
It is expected that the Notes will be issued in three series in an aggregate principal amount of approximately US$303 million for Series A Notes; US$42.1 million (Series B Notes); and US$21.1 million (Series C Notes).
The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 54 aircraft engines and three airframes, including 25 aircraft engines and three airframes which WEST will acquire from Willis pursuant to an asset purchase agreement.
The net proceeds of the Notes will be primarily applied to repay in full the aggregate principal amount of outstanding Class 2012-A Fixed Rate Term Notes issued by WEST and pay any accrued and unpaid interest thereon.
In addition, it will be used to pay fees and expenses related to the issuance of the Notes, and pay Willis periodically over a 270-day delivery period as consideration for the aircraft engines and the airframes acquired by WEST from Willis in connection with the financing.
The net proceeds will also be applied to make a distribution to Willis with some or all of the excess proceeds, to the extent any excess proceeds remain after giving effect to the foregoing. Willis will apply any net proceeds it receives for general corporate purposes.
-- BERNAMA
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