WLFCP Willis Lease Finance Corp. - Series A Preferred Shares (MM)

Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines, today announced that it has completed a public offering of 3,475,000 new shares of preferred stock raising $32.9 million in net proceeds. "This successful offering expands our capital base and provides additional funds we need to grow over the next few years," said Charles F. Willis, President and CEO. "Initially, we will use the proceeds to reduce our short-term debt. Over time, we expect to leverage this new capital with additional debt to grow our portfolio. "I am very pleased with the successful financings we have completed over the last six months," said Willis. In addition to the just-completed preferred offering, in August we closed the first engine securitization consisting of $228 million in term notes which extended the term of over half of our debt to between 13 and 15 years. In addition, the securitization consisted of $113 million in warehouse notes representing new funding availability. In November we increased the size of our revolving credit facility by $18.5 million to $168 million. We have already started to take advantage of our additional funding capabilities. In the fourth quarter of 2005 we invested over $90 million in equipment purchases. The demand in the market for leased engines is very strong; and we are excited about the growth opportunities ahead." The 9% Series A Cumulative Redeemable Preferred Stock (Nasdaq:WLFCP) carries a monthly dividend of $0.075 per share, with a $10.00 liquidation preference per share. The preferred shares were offered by the Company through underwriters led by Ferris, Baker Watts, Inc. Willis Lease Finance Corporation leases spare commercial aircraft engines, parts, and aircraft to commercial airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines. This press release includes statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with regard to the future performance of the Company. Words such as "will," "expect," and "may" or similar expressions are intended to identify forward-looking statements. Although they are based on the Company's current plans that are believed to be reasonable as of the date of this press release, these forward-looking statements inherently involve certain risks and uncertainties. Factors that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements include, among others, those factors listed under the caption "Risk factors" of the Company's Form 10-K/A for the Fiscal Year Ended December 31, 2004. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.