Loan & DebtMay 18, 2026, 04:07 PM
Willis Lease Finance Issues $200M Convertible Senior Notes
AI Summary
Willis Lease Finance Corporation entered into an underwriting agreement for the issuance and sale of $200,000,000 aggregate principal amount of 2.50% Convertible Senior Notes due 2031. The company also granted underwriters an option to purchase an additional $30,000,000 in notes. Concurrently, the company amended its existing credit agreement to accommodate this new convertible indebtedness, defining it as "Permitted Convertible Indebtedness" and allowing for related payments and conversions.
Key Highlights
- Issued $200,000,000 aggregate principal amount of 2.50% Convertible Senior Notes due 2031.
- Underwriters have an option to purchase up to an additional $30,000,000 in notes.
- Notes accrue interest at 2.50% per annum, payable semi-annually, maturing on May 15, 2031.
- Initial conversion rate is 3.7202 shares of common stock per $1,000 principal amount.
- Initial conversion price is approximately $268.80 per share of common stock.
- Amended credit agreement to define "Permitted Convertible Indebtedness" and allow related payments.
- Notes are redeemable by the Company on or after May 21, 2029, if stock price exceeds 130% of conversion price.
Price Impact
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