Willis Lease Finance Corporation Acquires Regional Aircraft
COCONUT CREEK, Fla., Oct. 08, 2021 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“Willis”), a leading lessor of commercial jet engines, announced today its investment into its regional aviation business with the purchase of four ATR 72-500 aircraft from Investec Bank plc.
“After a significant review of the market, we saw this as the best opportunity for our Regional and Specialty Assets team to enhance our portfolio,” said Charles F. Willis, Chairman & CEO. “Our team initiated a market search late last year issuing a Request for Proposal in November for interested parties with regional aircraft to sell. The purchase of these four aircraft launch us into regional aircraft leasing, complementing our existing regional engine leasing business.”
The ATR 72-500 aircraft is paired with Pratt & Whitney 127M turboprop engines and is seen as one of the most efficient and environmentally friendly aircraft in the world. “The ATR 72-500 is a popular choice for both 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 regionalaircraft@willislease.com,” he said.
The conclusion of the sale has enhanced 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 with a lot of life left in them, and this sale is an important step for us in furthering our relationship with WLFC, as we continue to wind down our turboprop book.”
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through 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 unduly rely 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 forward-looking statements. Factors that might 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 activity, changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and 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 continuing reports filed with the Securities and Exchange Commission.
| CONTACT: | Scott B. Flaherty |
| Chief Financial Officer | |
| (561) 349-9989 |
