Borrowings from Secured and Unsecured Debt Financings

9 Months Ended

Nov. 30, 2023

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 November 30, 2023					At February 28, 2023
Debt Obligation	Outstanding Borrowings		Number of Aircraft	Interest Rate	Final Stated Maturity	Outstanding Borrowings
Secured Debt Financings:
Term Financings(1)	$	903,212	38	2.36% to 7.73%	09/13/24 to 06/27/32	$	761,283
Less: Debt issuance costs and discounts	(8,299)					(8,985)
Total secured debt financings, net of debt issuance costs and discounts	894,913					752,298
Unsecured Debt Financings:
5.000% Senior Notes due 2023	—			5.00%	04/01/23	500,000
4.400% Senior Notes due 2023	—			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
2.850% Senior Notes due 2028	750,000			2.85%	01/26/28	750,000
6.500% Senior Notes due 2028	650,000			6.50%	07/18/28	—
Unsecured Term Loans	155,000			7.06%	02/27/24	155,000
Revolving Credit Facilities	130,000			6.80% to 7.38%	02/28/24 to 05/24/25	20,000
Less: Debt issuance costs and discounts	(29,495)					(32,546)
Total unsecured debt financings, net of debt issuance costs and discounts	3,455,505					3,842,454
Total secured and unsecured debt financings, net of debt issuance costs and discounts	$	4,350,418				$	4,594,752

(1)The borrowings under these financings at November 30, 2023, have a weighted-average fixed rate of interest of 5.46%.

Secured Debt Financings

Term Financings

During the nine months ended November 30, 2023, we borrowed the remaining $168.7 million available under our full recourse secured financing facility entered into on November 21, 2022 (the “2022 Secured Facility”). The total amount borrowed under the 2022 Secured Facility was $447.7 million in relation to 17 owned aircraft. The 2022 Secured Facility bears interest at a floating rate under the Term SOFR (as defined in the credit agreement governing the 2022 Secured Facility) plus 2.35% per annum and matures on November 21, 2029.

Unsecured Debt Financings

5.000% Senior Notes due 2023

We repaid the $500.0 million aggregate principal amount of our 5.000% Senior Notes due 2023 at their final stated maturity date in April 2023.

6.500% Senior Notes due 2028

On July 18, 2023, the Company issued $650.0 million aggregate principal amount of 6.500% Senior Notes due

2028 (the “6.500% Senior Notes due 2028”) at an issue price of 99.815%. The 6.500% Senior Notes due 2028 will mature on July 18, 2028, and bear interest at a rate of 6.50% per annum, payable semi-annually on January 18 and July 18 of each year, commencing on January 18, 2024. Interest accrues on the 6.500% Senior Notes due 2028 from July 18, 2023.

4.400% Senior Notes due 2023

We repaid the $650.0 million aggregate principal amount of our 4.400% Senior Notes due 2023 at their final stated maturity date in September 2023.

Revolving Credit Facilities

One of our unsecured revolving credit facilities was expanded from $245.0 million to $375.0 million during the nine months ended November 30, 2023. The revolving credit facility matures on May 24, 2025. On January 9, 2024, we entered into an amendment that further expanded the size of the facility to $600.0 million and extended the maturity date to January 9, 2028. The facility bears interest at Term SOFR (as defined in the amendment to the credit agreement) plus 1.950%.

As of November 30, 2023, we had $130.0 million outstanding under our revolving credit facilities and had $1.7 billion available for borrowing.

As of November 30, 2023, we were in compliance with all applicable covenants in our financings.