Willis Lease Finance Corporation acquires Regional
COCONUT CREEK, Fla., Oct. 08, 2021 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“Willis”), a leading commercial jet engine lessor, today announced its investment in its regional aviation business with the purchase of four ATR 72-500 aircraft from Investec Bank plc.
“After a thorough review of the market, we saw this as the best opportunity for our regional and specialty asset team to enhance our portfolio,” said Charles F. Willis, President and CEO. “Our team launched market research late last year by issuing a request for proposals in November for interested parties with regional aircraft for sale. The purchase of these four aircraft launches us into leasing regional aircraft, complementing our existing regional engine leasing business.
The ATR 72-500 is paired with Pratt & Whitney 127M turboprop engines and is considered one of the most efficient and environmentally friendly aircraft in the world. “The ATR 72-500 is a popular choice for passenger and cargo airlines,” added Michael Rodyniuk, who leads the Regional and Specialty Assets team at Willis. “Airlines interested in these aircraft should contact us at +1 (561) 349-8963 or [email protected],” he said.
The conclusion of the sale strengthened the relationship between the two parties.
“Working with Willis on this transaction has been a pleasure,” said Clayton Woollgar of Investec Bank plc. “These aircraft are relatively young and still have plenty of life left in them, and this sale is an important step for us in continuing our relationship with WLFC as we continue to reduce our turboprop portfolio.”
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases spare large and regional commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing businesses are integrated with engine and aircraft trading, engine leasing pools and asset management services backed by advanced technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for engines and aircraft equipment provided by its subsidiary, Willis Aeronautical Services, Inc.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not place undue reliance on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that could cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activities, changes in oil prices and other disruptions in global markets; trends in the airline industry and our ability to capitalize on these trends, including market growth rates and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, collect amounts due and control costs and expenses; changes in interest rates and the availability of capital, both to us and to our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in Willis’ Annual Report on Form 10-K and other ongoing reports filed with the Securities and Exchange Commission.
|CONTACT:||Scott B. Flaherty|