Secured and Unsecured Debt Financings

The outstanding amounts of our secured and unsecured term debt financings were as follows:



	At December 31, 2012		At 9/30/2013
Debt Obligation	Outstanding Borrowings		Outstanding Borrowings		Interest Rate⁽¹⁾	Final Stated Maturity⁽²⁾
Secured Debt Financings:
Securitization No. 1	$	309,505	$	239,221	0.45%	06/20/31
Securitization No. 2	772,863		653,051		0.49%	06/14/37
ECA Term Financings	652,916		504,419		3.02% to 3.96%	12/3/21 to 11/30/24
Bank Financings	112,750		184,427		1.08% to 4.57%	09/15/15 to 02/13/20
Total secured debt financings	1,848,034		1,581,118

Unsecured Debt Financings:
Senior Notes due 2017	500,000		500,000		6.75%	04/15/17
Senior Notes due 2018	450,642		450,556		9.75%	08/01/18
Senior Notes due 2019	500,000		500,000		6.250%	12/01/19
Senior Notes due 2020	300,000		300,000		7.625%	04/15/20
2013 Revolving Credit Facility	—		—		N/A	08/02/16
Total unsecured debt financings	1,750,642		1,750,556

Total secured and unsecured debt financings	$	3,598,676	$	3,331,674


(1)	Reflects the floating rate in effect at the applicable reset date plus the margin for Securitization No. 1, Securitization No. 2 and one of our Bank Financings. All other financings have a fixed rate.


(2)	For Securitizations No. 1 and No. 2, all cash flows available after expenses and interest are applied to debt amortization.

The following securitizations include liquidity facility commitments described in the table below:

Available Liquidity

Facility

Liquidity Facility Provider

December 31,
2012

September 30,
2013

Unused

Fee

Interest Rate

on any Advances

Securitization No. 1

Crédit Agricole Corporate and Investment Bank

42,000

0.45%

1M Libor + 1.00

Securitization No. 2

HSH Nordbank AG

65,000

0.50%

1M Libor + 0.75

ECA Term Financings

In June 2013, we repaid in full the outstanding principal balances on two of our ECA term financings in the total amount of $111,693, plus accrued interest, interest rate derivative breakage fees of $2,954, and accrued interest on the terminated interest rate derivatives. During the second quarter of 2013, we wrote off $3,825 of deferred financing fees which is reflected in interest expense on the consolidated statement of income. We sold an additional aircraft in June 2013, and we posted cash, which is reflected in restricted cash and cash equivalents on the consolidated balance sheet, as collateral for the related term loan until we pay-off the loan or substitute an aircraft.

In August 2013, one of our subsidiaries issued a fixed rate ECA bond with a face value of $78,230 which is supported by a guarantee from COFACE and the proceeds were utilized to repay an interim floating rate bank financing that was drawn in connection with the acquisition of one Airbus Model A330-200 aircraft in 2012. The bond has a fixed coupon rate of 3.488% and a final maturity of November 30, 2024.

Bank Financings

In May 2013, we assumed three floating rate loans and one fixed rate loan totaling $91,797 in connection with the acquisition of two Airbus Model A320-200 aircraft and two Boeing Model 737-800 aircraft. During the quarter, we amended two of the floating rate loans to a fixed rate of 2.58% for the remaining debt term. At September 30, 2013, these four loans had a weighted average interest rate of 2.36% and mature in 2018 and 2020.

We include these loan facilities in “Bank Financings”. Aircastle Limited has guaranteed the repayment of these Bank Financings.

2013 Revolving Credit Facility

In early August 2013, we amended and restructured our existing $150,000 revolving credit facility (the "2012 Revolving Credit Facility") with a new unsecured revolving credit facility (the "2013 Revolving Credit Facility”). The 2013 Revolving Credit Facility was initially sized at $335,000 and can be increased to a maximum of $400,000. The 2013 Revolving Credit Facility has a term of 3 years and is scheduled to expire in August 2016.

As of September 30, 2013, we are in compliance with all applicable covenants in all of our financings.