Borrowings from Secured and Unsecured Debt Financings (Tables)

12 Months Ended

Dec. 31, 2014

Outstanding amounts of secured and unsecured term debt financings

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



	At December 31, 2013		At December 31, 2014
Debt Obligation	Outstanding Borrowings		Outstanding Borrowings		Number of Aircraft	Interest Rate⁽¹⁾	Final Stated Maturity⁽²⁾
Secured Debt Financings:
Securitization No. 1 ⁽³⁾	$	225,034	$	—	—	—%	—
Securitization No. 2	603,837		391,680		32	0.47%	06/14/37
ECA Term Financings	493,708		449,886		8	3.02% to 3.96%	12/03/21 to 11/30/24
Bank Financings	264,256		554,888		13	1.16% to 5.09%	09/15/15 to 04/19/25
Total secured debt financings	1,586,835		1,396,454		53
Unsecured Debt Financings:
Senior Notes due 2017	500,000		500,000			6.75%	04/15/17
Senior Notes due 2018 ⁽⁴⁾	450,527		—			—%	—
Senior Notes due 2018	400,000		400,000			4.625%	12/05/18
Senior Notes due 2019	500,000		500,000			6.25%	12/01/19
Senior Notes due 2020	300,000		300,000			7.625%	04/15/20
Senior Notes due 2021	—		500,000			5.125%	03/15/21
Revolving Credit Facility ⁽⁵⁾	—		200,000			2.414%	03/31/18
Total unsecured debt financings	2,150,527		2,400,000
Total secured and unsecured debt financings	$	3,737,362	$	3,796,454

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


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


(3)	In February 2014, we repaid the outstanding amount plus accrued interest and fees due under Securitization No. 1 and terminated the related interest rate derivative, for a total cash payment of $255,186, with proceeds from our December 2013 issuance of our Senior Note due 2018.


(4)	Proceeds from the issuance of our Senior Notes due 2021 were used to pay-off the balance of our 9.75% Senior Notes due 2018 plus accrued interest of $10,238 and the call premium of $32,835 on April 25, 2015.

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

Facility

Liquidity

Facility Provider

Available Liquidity

Unused

Fee

Interest Rate

on any Advances

December 31,

2013

December 31,

2014

Securitization No. 2

HSH Nordbank AG

65,000

0.50%

1 M Libor + 0.75

Schedule of Maturities of Long-term Debt

$450,000 to $600,000.

Maturities of the secured and unsecured debt financings over the next five years and thereafter are as follows:



2015	$	278,060
2016	222,410
2017	742,194
2018	714,056
2019	598,314
Thereafter	1,247,357
Total	$	3,802,391	⁽¹⁾

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(1) Included in the above table are forecasted principal payments for Securitization No. 2. These forecasted payments are based on excess cash flows available from forecasted lease rentals, net maintenance funding (which is forecasted to be neutral after the first 12 months) and proceeds from asset dispositions after the payment of forecasted operating expenses and interest