Willis Mitsui & Co. Engine Support (WMES), aircraft engine lessor, Willis Lease Finance Corporation’ (Wilis Lease) long-standing joint venture with Mitsui & Co (Mitsui), has entered into a new $750.0 million, five-year, revolving credit facility.
The revolver will be available on a revolving basis until October 31, 2030, when WMES may request to extend the maturity, subject to lender approval. The proceeds may be used for general corporate purposes. Loans under the Credit Agreement will bear interest based on a floating rate (Term SOFR) plus a margin.
“We are extremely pleased with the successful completion of this new revolving credit facility,” said Hagen S. Disch, Treasurer of WLFC, “which strengthens our financial flexibility and demonstrates the continued confidence our lenders have in our joint venture.”
“We are thrilled to announce a new credit facility for WMES as we focus on expanding our strategic growth initiatives,” said Akira Kaido, Chairperson and Director of WMES. “This announcement closely follows the close of our acquisition of Willis Mitsui & Co. Asset Management Limited in June, and this credit agreement will help us capitalize on new opportunities with agility and strength.”
WMES, which is 50% owned by WLFC and 50% owned by Mitsui, was established in 2011 and headquartered in Dublin.