Business
Willis Lease Finance Corporation Prices Upsized Convertible Senior Notes Offering and Borrowed Common Stock Offering to Facilitate Hedging Transactions
COCONUT CREEK, Fla., May 14, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company”), the leading lessor of commercial
About this update from Willis Lease Finance Corporation
[{"type":"text","content":"COCONUT CREEK, Fla., May 14, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announced today the pricing of its public offering (the “Notes Offering”) of $200.0 million aggregate principal amount of 2.50% convertible senior notes due 2031 (the “Notes”), for total net proceeds of approximately $193.1 million, after deducting underwriting discounts and other estimated offering expenses. The offering size was increased from the previously announced offering size of $175.0 million. The Company also granted the underwriters of the Notes a 30-day option to purchase up to an additional $30.0 million principal amount of Notes, solely to cover over-allotments, if any. The Company currently intends to use the net proceeds from the issuance of the Notes to temporarily repay amounts outstanding under the Company’s revolving credit facility until deployed for general corporate purposes. The Notes Offering is expected to close on May 18, 2026, subject to satisfaction of customary closing conditions. Morgan Stanley & Co. LLC, BofA Securities and Deutsche Bank Securities Inc. are acting as joint book-running managers for the Notes Offering. The Notes will be senior, unsecured obligations of the Company, will accrue interest payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026, and will mature on May 15, 2031, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their Notes in certain circumstances and during specified periods based on the applicable conversion rate. The Company will settle conversions of Notes by paying or delivering, as applicable, cash or a combination of cash and shares of its common stock, at its election. The initial conversion rate is 3.7202 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $268.80 per share of common stock. The initial conversion price represents a premium of approximately 40.0% above the public offering price of the Company’s common stock in the Concurrent Delta Offering described below. The Notes will be redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and...