Borrowings from Secured and Unsecured Debt Financings

3 Months Ended

May 31, 2022

Debt Disclosure [Abstract]

Borrowings from Secured and Unsecured Debt Financings

Borrowings from Secured and Unsecured Debt Financings

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

	At May 31, 2022					At February 28, 2022
Debt Obligation	Outstanding Borrowings		Number of Aircraft	Interest Rate	Final Stated Maturity	Outstanding Borrowings
Secured Debt Financings:
ECA Financings	$	—	—	—%	N/A	$	21,576
Bank Financings(1)	647,910		31	3.00% to 4.55%	06/17/23 to 03/06/25	666,258
Less: Debt issuance costs and discounts	(3,147)		—			(3,795)
Total secured debt financings, net of debt issuance costs and discounts	644,763		31			684,039
Unsecured Debt Financings:
Senior 5.00% Notes due 2023	500,000			5.00%	04/01/23	500,000
Senior 4.40% Notes due 2023	650,000			4.40%	09/25/23	650,000
Senior Notes due 2024	500,000			4.125%	05/01/24	500,000
Senior Notes due 2025	650,000			5.25%	08/11/25	650,000
Senior Notes due 2026	650,000			4.25%	06/15/26	650,000
Senior Notes due 2028	750,000			2.85%	01/26/28	750,000
Unsecured Term Loans	155,000			2.38%	02/27/24	155,000
Revolving Credit Facilities	20,000			2.21%	06/27/22 to 04/26/25	20,000
Less: Debt issuance costs and discounts	(37,896)					(39,159)
Total unsecured debt financings, net of debt issuance costs and discounts	3,837,104					3,835,841
Total secured and unsecured debt financings, net of debt issuance costs and discounts	$	4,481,867				$	4,519,880

(1)In May 2022, the Company repaid the principal and accrued interest outstanding under our remaining ECA Financing and incurred early extinguishment costs of $0.5 million.

(2)The borrowings under these financings at May 31, 2022 have a weighted-average fixed rate of interest of 3.45%.

Unsecured Debt Financings:

Revolving Credit Facilities

On May 24, 2022, we entered into an amendment for one of our unsecured revolving credit facilities that expanded the size and extended the term of the facility. As a result, the existing $230.0 million commitment was expanded to $280.0 million, with $35.0 million and $245.0 million of the commitment allocated to Tranche B and Tranche C, respectively. Tranche B will mature on February 28, 2023 and Tranche C will mature on May 23, 2025. Tranche A matured on its stated maturity date of December 27, 2021.

As of May 31, 2022, we had $20.0 million outstanding under our revolving credit facilities and had $1.4 billion available for borrowing.

As of May 31, 2022, we were in compliance with all applicable covenants in our financings.

On June 27, 2022, a $100.0 million commitment under one of our unsecured revolving credit facilities, with a total commitment of $1.0 billion, matured on its stated maturity date. The remaining $900.0 million commitment will mature on April 26, 2025.