UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: January 16, 2014
Willis Lease Finance Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware |
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001-15369 |
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68-0070656 |
(State or Other Jurisdiction |
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(Commission File |
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(I.R.S. Employer |
773 San Marin Drive, Suite 2215
Novato, California 94998
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (415) 408-4700
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure
Item 8.01 Other Events
The following information and exhibit are furnished pursuant to Item 7.01, Regulation FD Disclosure and Item 8.01, Other Events. This information shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
On January 16, 2014, the Company issued a Press Release setting forth the Companys engine leasing activity results in the month of December 2013. A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements & Exhibits
The Company hereby furnishes the following exhibit pursuant to Item 7.01, Regulation FD Disclosure and Item 8.01, Other Events.
Exhibit |
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Description |
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99.1 |
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Press Release issued by Willis Lease Finance Corporation, dated January 16, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated January 17, 2014
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WILLIS LEASE FINANCE CORPORATION | |
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By: |
/s/ Bradley S. Forsyth |
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Bradley S. Forsyth |
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Senior Vice President and |
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Chief Financial Officer |
Exhibit 99.1
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NEWS RELEASE |
CONTACT: |
Brad Forsyth Chief Financial Officer (415) 408-4700 | |
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Willis Lease Finance Reports Engine Leasing Activity in December 2013 Reaches New High
NOVATO, CA January 16, 2014 Willis Lease Finance Corporation (NASDAQ: WLFC), the premier independent jet engine lessor in the commercial finance sector, today reported it closed 2013 with one of the strongest months of new leasing activity in the companys history.
We ended 2013 by purchasing six brand new engines for over $75 million and closing new lease agreements for 19 engines, making December one of the most productive months weve ever had, said Charles F. Willis, Chairman and CEO. Excluding two off-lease engines purchased just prior to year-end, our portfolio utilization reached 87%, which represents significant improvement over the preceding quarter-end level of 85%, and the highest level of 2013. While this year-end activity will have little impact on 2013 financial results, it is a great way to launch 2014.
December 2013 Leasing Highlights:
· Closed the purchase and lease of a new GE90-115b engine, our first for this type of engine, on a long-term lease to a European lessee. The lessor was Willis Mitsui & Co. Engine Services Ltd. (WMES) a joint venture between Willis Lease and Mitsui & Co.
· Purchased three new CF34-10E engines to satisfy a lease commitment in Asia, with Willis Lease buying two of the engines and WMES purchasing one.
· Closed the purchase and lease of a new CF34-10E through WMES on long-term lease to a European airline.
· Closed the purchase and lease of a new CFM56-7B/E by Willis Lease on long-term lease to an Asian airline.
· The above six engine purchases total over $75 million for the Willis Lease and WMES portfolios.
· In addition to the three leases referred to above, Willis Lease closed 16 new leases on engines having a combined book value of over $60 million.
About Willis Lease Finance
Willis Lease Finance Corporation leases spare commercial aircraft engines and aircraft to commercial airlines, aircraft engine manufacturers, air cargo carriers and maintenance, repair and overhaul facilities worldwide. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines, aircraft and parts.
Note: Transmitted on GlobeNewswire on January 16, 2014, at 8:42 a.m. PST.
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