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Borrowings from Secured and Unsecured Debt Financings
 12 Months Ended
Feb. 29, 2024
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 term debt financings were as follows:
 
At February 29, 2024
At
February 28, 2023
Debt ObligationOutstanding
Borrowings		Number of AircraftInterest RateFinal Stated
Maturity		Outstanding
Borrowings
Secured Debt Financings:
Term Financings(1)
$883,451 38
2.36% to 7.67%
09/13/24 to 06/27/32$761,283 
Less: Debt issuance costs(8,054)(8,985)
Total secured debt financings, net of debt issuance costs and discounts875,397 752,298 
Unsecured Debt Financings:
5.000% Senior Notes due 2023(2)
— —%N/A500,000 
4.400% Senior Notes due 2023(2)
— —%N/A650,000 
Senior Notes due 2024500,000 4.125%05/01/24500,000 
Senior Notes due 2025650,000 5.25%08/11/25650,000 
Senior Notes due 2026650,000 4.25%06/15/26650,000 
2.850% Senior Notes due 2028750,000 2.85%01/26/28750,000 
6.500% Senior Notes due 2028650,000 6.50%07/18/28— 
Senior Notes due 2029650,000 5.95%02/15/29— 
Unsecured Term Loan(2)
— —%N/A155,000 
Revolving Credit Facilities20,000 7.48%05/24/25 to 02/08/2820,000 
Less: Debt issuance costs and discounts(46,901)(32,546)
Total unsecured debt financings, net of debt issuance costs and discounts3,823,099 3,842,454 
Total secured and unsecured debt financings, net of debt issuance costs and discounts$4,698,496 $4,594,752 
 _______________
(1)The borrowings under these financings at February 29, 2024 have a weighted-average fixed rate of interest of 5.45%.
(2)Repaid at their final stated maturity date.
Secured Debt Financings:
Term Financings
During the year ended February 29, 2024, 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:
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.
5.950% Senior Notes due 2029
On January 22, 2024, the Company issued $650.0 million aggregate principal amount of 5.950% Senior Notes due 2029 (the “Senior Notes due 2029”) at an issue price of 99.391%. The Senior Notes due 2029 will mature on February 15, 2029, and bear interest at a rate of 5.95% per annum, payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2024. Interest accrues on the Senior Notes due 2029 from January 22, 2024.
Revolving Credit Facilities
During the year ended February 29, 2024, we entered into various amendments for one of our unsecured revolving credit facilities that extended the maturity date and expanded the size of the facility from $245.0 million to $640.0 million. Of the total commitment, $40.0 million was allocated to Tranche C, which matures on May 24, 2025, and $600.0 million was allocated to Tranche D, which matures on January 9, 2028. The facility bears interest at Term SOFR (as defined in the amendment to the credit agreement) plus 1.950%.
On January 31, 2024, we entered into an amendment that extended the maturity date of our $200.0 million revolving credit facility with Mizuho Marubeni Leasing America Corporation, a related party, to January 31, 2027. The facility bears interest at Term SOFR (as defined in the amendment to the credit agreement) plus 2.01%. This transaction was approved by our Audit Committee as an arm’s length transaction under our related party policy.
On February 8, 2024, we entered into an amendment that extended the maturity date of our $300.0 million revolving credit facility with Mizuho Bank Ltd., a related party, to February 7, 2027. The facility bears interest at Term SOFR (as defined in the amendment to the credit agreement) plus 1.5%. This transaction was approved by our Audit Committee as an arm’s length transaction under our related party policy.
On February 8, 2024, we entered into an amendment that extended the maturity date of our $1.0 billion unsecured credit facility, to February 7, 2028. The facility bears interest at Term SOFR (as defined in the amendment to the credit agreement) plus 1.25%.
As of February 29, 2024, we had $20.0 million in borrowings outstanding under our revolving credit facilities and had $2.1 billion available for borrowing.
Maturities of the secured and unsecured debt financings over the next five years and thereafter are as follows:
Year Ending February 28/29,Amount
2025$824,514 
2026779,194 
2027683,380 
2028785,343 
20291,337,374 
Thereafter343,646 
Total$4,753,451 

As of February 29, 2024, we were in compliance with all applicable covenants in our financings.