Willis Lease Finance Corporation announced that it has expanded its $700 million revolving credit facility by over 40% to $1 billion, which includes a $110 million accordion feature. The facility has a 5-year term and additional flexibility. Willis Lease and its subsidiaries will use the expanded credit facility to continue growing the lease portfolio, which included nearly $1.5 billion of owned and managed assets as of December 31, 2015.   

“Our treasury and legal teams, led by our Treasurer, Joe Howard, and our General Counsel, Dean Poulakidas, worked extremely hard to close this transaction. Through their efforts, this improved credit facility delivers significant access to capital and flexibility to grow and take advantage of opportunities as they become available,” said Charles F. Willis, Chairman and CEO. “We expect this expanded credit facility to be a significant tool for us as we continue to grow and position the Company for the future.”

The $890 million revolving credit facility has an accordion feature up to $1 billion and is provided by a syndicate of thirteen banks including: MUFG Union Bank, N.A. as Administrative Agent, Joint Lead Arranger and Joint Bookrunner, Bank of America, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents; Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC as Joint Lead Arrangers and Joint Bookrunners;  U.S. Bank National Association, as Documentation Agent, Joint Lead Arranger and Joint Bookrunner, Capital One, N.A., as Senior Managing Agent, and The Huntington National Bank, as Managing Agent.

New banks joining the revolver include CIT Bank, N.A. and Apple Bank for Savings.

“Access to capital is fundamental to our success and we are grateful for the continued support of our existing banks and look forward to developing even deeper relationships with our new lenders,” said Howard.

“We are very pleased to have closed this improved revolving credit facility and even more pleased that many of our existing lenders increased their commitment to us,” said Brian R. Hole, President. “We place great value in the relationships we have with our lenders and we view their commitment to this facility as a sign of the global financial community’s strong confidence in our business model.”