DEBT

The weighted average rate of debt for aircraft financings for December 31, 2014 and 2013, was 5.38% and 5.76%, respectively.

Debt consists of the following as of December 31 (in millions):



Secured debt:	2014		2013
Promissory notes payable, collateralized by aircraft, bearing interest at fixed rates ranging from 3.63% to 8.49% at December 31, 2014 and outstanding through 2025, net of unamortized debt discount of $73.4 million. ⁽³⁾	$	2,238.1	$	1,995.0

Promissory notes payable, collateralized by aircraft, bearing interest at variable rates based on LIBOR plus a margin, ranging from 1.80% to 1.82% at December 31, 2014 and outstanding through 2020.	41.6		80.0

Promissory notes payable, collateralized by eligible spare parts and equipment, bearing interest at fixed rates ranging from 5.25% to 8.38% as of December 31, 2014 and outstanding through 2020.	53.7		37.0

Promissory notes payable, collateralized by eligible spare parts and equipment, bearing interest at a variable rate of LIBOR plus a margin, ranging from 3.61% to 5.34% as of December 31, 2014 and outstanding through 2018.	3.4		4.3

Other	2.4		3.7
Total debt secured by aircraft and parts	2,339.2		2,120.0

Unsecured debt:
Convertible note payable, bearing interest at a fixed rate of 8%, due in full in July 2014. ⁽¹⁾	—		22.3

Convertible note payable, bearing interest at a fixed rate of 6%, face value of $25.0 million, net of discount $0.5 million, due in full in 2019. ⁽²⁾	—		24.5

Total unsecured debt	—		46.8

Total debt	2,339.2		2,166.8
Current portion	309.0		276.2
Long term debt, less current portion	$	2,030.2	$	1,890.6

⁽¹⁾ The Company redeemed the convertible note by paying $22.3 million of cash on April 7, 2014 as discussed in Note 2.

⁽²⁾ The Company redeemed the convertible note by paying $26.5 million in cash on October 28, 2014, which included accrued interest as discussed in Note 2.


⁽³⁾	The Company entered into financing agreements to borrow $569.2 million for 22 E175 aircraft and other equipment primarily for the American E175 fixed-fee agreement and other equipment.

Included in the current portion of long term debt as of December 31, 2014, are approximately $28.7 million of aircraft related debt obligations that the Company expects to refinance.

The Company has outstanding letters of credit as of December 31, 2014 and 2013 totaling $14.1 million and $17.0 million, respectively, that are collateralized by restricted cash.

Future maturities of debt are payable, as follows for the years ending December 31 (in millions):



	Total Secured Debt		Amortization of Debt Discount, net
2015	$	321.2	(12.2		)
2016	303.0		(11.2		)
2017	352.8		(10.1		)
2018	295.0		(9.0		)
2019	339.5		(7.9		)
Thereafter	801.1		(23.0		)
Total	$	2,412.6	$	(73.4	)	$	2,339.2