NOVATO, Calif. (AP) ¿ Willis Lease Finance Corp., an aircraft engine leasing company, said Monday it has obtained a new $240 million revolving credit facility. The credit facility, with an interest rate equal to the London Interbank Offered Rate (Libor) plus 3.5 percent, is available to Willis for three years through November 2012. The credit facility is provided by a group of banks led by administrative agent and lead arranger Union Bank NA and co-lead arranger Wells Fargo Bank NA. This facility and others support the company and its subsidiaries in financing its lease portfolio which stood at $921 million as of Sept. 30. The revolving credit facility can be expanded to $300 million through increased commitments from current lenders or the addition of new lenders. Shares rose 20 cents to $13.20 in afternoon trading.
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