Loan & DebtMay 13, 2026, 04:12 PM
Willis Lease Finance to offer $175M convertible senior notes
AI Summary
Willis Lease Finance Corporation announced its intention to offer $175.0 million aggregate principal amount of convertible senior notes due 2031 in a public offering. The company plans to use the net proceeds to temporarily repay amounts outstanding under its revolving credit facility until deployed for general corporate purposes. The notes will be senior, unsecured obligations, accruing interest semi-annually and maturing on May 15, 2031. A concurrent delta offering of common stock is also planned to facilitate hedging transactions by certain investors.
Key Highlights
- Willis Lease Finance to offer $175.0 million aggregate principal amount of convertible senior notes due 2031.
- Underwriters have a 30-day option to purchase up to an additional $25.0 million principal amount of Notes.
- Net proceeds will temporarily repay amounts outstanding under the revolving credit facility for general corporate purposes.
- Notes are senior, unsecured obligations, maturing on May 15, 2031.
- Interest will accrue semi-annually, payable on May 15 and November 15, starting November 15, 2026.
- Company may redeem notes on or after May 21, 2029, if common stock price exceeds 130% of conversion price.
- Noteholders can require repurchase upon a "fundamental change" event.
- A concurrent delta offering of common stock is planned to facilitate hedging by certain investors.