0001104659-19-037997.txt : 20190628 0001104659-19-037997.hdr.sgml : 20190628 20190627193342 ACCESSION NUMBER: 0001104659-19-037997 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20190628 DATE AS OF CHANGE: 20190627 GROUP MEMBERS: AUSTIN CHANDLER WILLIS GROUP MEMBERS: CFW PARTNERS, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WILLIS LEASE FINANCE CORP CENTRAL INDEX KEY: 0001018164 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080] IRS NUMBER: 680070656 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-49935 FILM NUMBER: 19926937 BUSINESS ADDRESS: STREET 1: 4700 LYONS TECHNOLOGY PARKWAY CITY: COCONUT CREEK STATE: FL ZIP: 33073 BUSINESS PHONE: 4154084700 MAIL ADDRESS: STREET 1: 4700 LYONS TECHNOLOGY PARKWAY CITY: COCONUT CREEK STATE: FL ZIP: 33073 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WILLIS CHARLES F IV CENTRAL INDEX KEY: 0001033309 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: 4700 LYONS TECHNOLOGY CITY: COCONUT CREEK STATE: FL ZIP: 33073 SC 13D/A 1 a19-12240_1sc13da.htm SC 13D/A

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D

 

 

Under the Securities Exchange Act of 1934
(Amendment No. 12)

 

Willis Lease Finance Corporation

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

970646 10 5

(CUSIP Number)

 

Charles F. Willis, IV

c/o Willis Lease Finance Corporation

4700 Lyons Technology Parkway

Coconut Creek, Florida 33073

(415) 408-4700

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

June 27, 2019

Date of Event Which Requires Filing of this Statement

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this statement, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.

The share numbers listed for voting and dispositive power as of a particular date include the number of shares into which options were exercisable or would be exercisable within 60 days of such date.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 


 

June 27, 2019
CUSIP No. 970646 10 5

 

 

1

Names of Reporting Persons:
CFW Partners, L.P.
I.R.S. Identification Nos. of above persons (entities only).
68-0392529

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
OO, PF

 

 

5

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
Delaware

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
0

 

8

Shared Voting Power
2,134,148

 

9

Sole Dispositive Power
0

 

10

Shared Dispositive Power
2,134,148

 

 

11

Aggregate Amount Beneficially Owned
2,134,148

 

 

12

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (11)
33.58%

 

 

14

Type of Reporting Person
PN

 

2


 

June 27, 2019
CUSIP No. 970646 10 5

 

 

1

Names of Reporting Persons:
Charles F. Willis, IV
I.R.S. Identification Nos. of above persons (entities only).

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
OO, PF

 

 

5

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
United States of America

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
696,381

 

8

Shared Voting Power
2,256,080

 

9

Sole Dispositive Power
445,715

 

10

Shared Dispositive Power
1,974,415

 

 

11

Aggregate Amount Beneficially Owned
2,952,461

 

 

12

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (11)
46.45%

 

 

14

Type of Reporting Person
IN

 

3


 

June 27, 2019
CUSIP No. 970646 10 5

 

 

1

Names of Reporting Persons:
Austin Chandler Willis
I.R.S. Identification Nos. of above persons (entities only).

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 o

 

 

3

SEC Use Only

 

 

4

Source of Funds (See Instructions)
OO, PF

 

 

5

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
United States of America

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
1,068

 

8

Shared Voting Power
532,044

 

9

Sole Dispositive Power
1,068

 

10

Shared Dispositive Power
86,865

 

 

11

Aggregate Amount Beneficially Owned
533,112

 

 

12

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares   o

 

 

13

Percent of Class Represented by Amount in Row (11)
8.39%

 

 

14

Type of Reporting Person
IN

 

4


 

The Schedule 13D filed with the Securities and Exchange Commission on December 11, 2000 (the “Initial 13D”) by CFW Partners, the Trust and Mr. Charles F. Willis, IV with respect to the Common Stock, par value $0.01 per share (the “Shares”), issued by Willis Lease Finance Corporation, a Delaware corporation (the “Issuer”), as amended on August 28, 2013, October 1, 2013, July 7, 2015, December 23, 2015, March 23, 2016, May 20, 2016, June 8, 2016, October 6, 2016, April 4, 2018, September 13, 2018 and April 1, 2019 (together with the Initial 13D, the “13D”), is hereby amended as set forth below.  Capitalized terms not defined herein have the meanings ascribed to them in the 13D.

 

Item 4.  Purpose of the Transaction

 

Item 4 of the 13D is hereby amended and restated in its entirety as follows:

 

On June 27, 2019, Charles F. Willis, IV, on behalf of the Reporting Persons, delivered a non-binding indication of interest (the “Indication of Interest”) to acquire all of the outstanding Shares of the Issuer not already owned by any of the Reporting Persons in exchange for cash consideration.  The foregoing description of the Indication of Interest does not purport to be complete and is qualified in its entirety by reference to the full text of the Indication of Interest, which is filed as Exhibit 2 hereto.

 

Depending on various factors including, without limitation, the Issuer’s financial position, the price levels of the common stock, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board of Directors of the Issuer, engaging in discussions with shareholders of the Issuer or other third parties about the Issuer and the Reporting Persons’ investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s financial and/or operational performance, purchasing additional common stock or changing its intention with respect to any and all matters referred to in Item 4.

 

Item 7.   Materials to be Filed as Exhibits

 

Item 7 is hereby amended and supplemented by adding the following exhibits as the last exhibits of Item 7 of the 13D:

 

1.

Joint Filing Agreement

2.

Indication of Interest, dated June 27, 2019.

 

5


 

SIGNATURES

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete, and correct.

 

 

CFW PARTNERS, L.P.

 

 

 

Date: June 27, 2019

By:

/s/ Charles F. Willis, IV

 

 

Charles F. Willis, IV,

 

 

its General Partner

 

 

 

Date: June 27, 2019

By:

/s/ Charles F. Willis, IV

 

 

Charles F. Willis, IV

 

 

 

Date: June 27, 2019

By:

/s/ Austin Chandler Willis

 

 

Austin Chandler Willis

 

6


EX-1 2 a19-12240_1ex1.htm EX-1

EXHIBIT 1

 

JOINT FILING AGREEMENT

 

Agreement among CFW Partners, L.P., a Delaware limited partnership, Charles F. Willis, IV and Austin Chandler Willis, whereby, in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, each of the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D with respect to the equity securities of Willis Lease Finance Corporation and further agree that this Joint Filing Agreement be included as an exhibit to such joint filing, provided that, as contemplated by Section 13d-1(k)(1)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other person making the filing, unless such person knows or has reason to believe that such information is inaccurate.

 

In evidence thereof the undersigned, being duly authorized, hereby execute this Joint Filing Agreement in counterpart as of this 27th day of June 2019.

 

 

CFW PARTNERS, L.P.

 

 

 

Date: June 27, 2019

By:

/s/ Charles F. Willis, IV

 

 

Charles F. Willis, IV,

 

 

its General Partner

 

 

 

Date: June 27, 2019

By:

/s/ Charles F. Willis, IV

 

 

Charles F. Willis, IV

 

 

 

Date: June 27, 2019

By:

/s/ Austin Chandler Willis

 

 

Austin Chandler Willis

 


EX-2 3 a19-12240_1ex2.htm EX-2

EXHIBIT 2

 

INDICATION OF INTEREST

 

June 27, 2019

 

Board of Directors
Willis Lease Finance Corporation
4700 Lyons Technology Parkway
Coconut Creek, FL 33073

 

Dear Members of the Board:

 

We are pleased to submit this non-binding indication of interest to acquire (the “Transaction”) all of the outstanding shares of common stock of Willis Lease Finance Corporation (the “Company”) that are not owned by CFW Partners, L.P., a Delaware limited partnership, Charles F. Willis, IV and Austin Chandler Willis (collectively, the “Willis Parties”) at a cash purchase price that includes a customary premium over the Company’s closing stock price on June 26, 2019.

 

We believe the proposed Transaction will provide the Company’s common stockholders with immediate liquidity and certainty of value at a significant premium to the current share price while allowing the Company to focus on its long-term development and growth without undue emphasis on short-term results.

 

We expect that a special committee consisting of disinterested and independent members of the Company’s board of directors will be formed to evaluate, negotiate and determine whether to approve the Transaction and that the Transaction will be subject to a non-waivable condition requiring the approval of the holders of a majority of the shares of the Company’s common stock not held by the Willis Parties and the Company’s senior management.  We will not proceed with the proposed Transaction unless it is so approved.

 

As significant owners of the Company’s stock, we have no interest in selling any of our shares of Company stock or voting in favor of any alternative sale, merger or similar transaction involving the Company. If the special committee does not recommend, or the majority of the minority stockholders of the Company described above do not approve, the proposed Transaction, we currently intend to continue as long-term stockholders of the Company.

 

We are highly confident that we will be able to secure financing commitments on an accelerated basis and we contemplate that the proposed Transaction would not be subject to any financing condition.

 

Due to our obligations under the federal securities laws, we intend to promptly file a Schedule 13D amendment, including a copy of this letter, with the Securities and Exchange Commission.

 

This letter does not constitute a contract, commitment or other binding obligation on the part of any person in any respect. In addition, this letter does not constitute an offer or proposal capable of acceptance and may be withdrawn at any time and in any manner. Any obligation of the Willis Parties with respect to the proposed Transaction will be only as set forth in a definitive written agreement executed and delivered by them.

 

We look forward to discussing this proposal with you at your convenience and working with you to complete the Transaction expeditiously.

 

 

Very truly yours,

 

 

 

/s/ Charles F. Willis, IV

 

Charles F. Willis, IV