Debt Financing

6 Months Ended

Jun. 30, 2019

Debt Financing

Debt Financing

Note 3.  Debt Financing

The Company’s debt financing was comprised of the following at June 30, 2019 and December 31, 2018 (dollars in thousands):

	June 30,		December 31,
	2019		2018
Unsecured
Senior notes	$	10,950,000	$	10,043,445
Revolving credit facilities		801,000		602,000
Term financings		800,250		607,340
Total unsecured debt financing		12,551,250		11,252,785
Secured
Term financings		411,343		371,203
Export credit financing		34,938		38,265
Total secured debt financing		446,281		409,468
Total debt financing		12,997,531		11,662,253
Less: Debt discounts and issuance costs		(138,287)		(123,348)
Debt financing, net of discounts and issuance costs	$	12,859,244	$	11,538,905

The Company’s secured obligations as of June 30, 2019 and December 31, 2018 are summarized below (dollars in thousands):

	June 30,		December 31,
	2019		2018
Nonrecourse	$	149,628	$	167,245
Recourse		296,653		242,223
Total secured debt financing	$	446,281	$	409,468
Number of aircraft pledged as collateral		18		20
Net book value of aircraft pledged as collateral	$	961,104	$	1,132,111

Senior unsecured notes (including Medium-Term Note Program)

As of June 30, 2019, the Company had $11.0 billion in senior unsecured notes outstanding. As of December 31, 2018, the Company had $10.0 billion in senior unsecured notes outstanding.

During the six months ended June 30, 2019, the Company issued approximately $1.75 billion in aggregate principal amount of Medium-Term Notes comprised of (i) $700.0 million due 2024 at a fixed rate of 4.25%, (ii) $750.0 million due 2026 at a fixed rate of 3.75% and (iii) $300.0 million due 2021 that bear interest at a floating rate of three-month LIBOR plus 0.67%.

Unsecured revolving credit facilities

As of June 30, 2019, the total outstanding balance on the Company's unsecured revolving credit facilities was approximately $801.0 million. The total outstanding balance under the Company's unsecured revolving credit facilities was approximately $602.0 million as of December 31, 2018.

In May 2019, the Company amended and extended its committed unsecured revolving credit facility whereby, among other things, the Company extended the final maturity date from May 5, 2022 to May 5, 2023 and, after giving effect to commitments that matured on May 5, 2019, increased the total revolving commitments to approximately $5.8 billion, representing an increase of 26.6% from December 31, 2018, with an interest rate of LIBOR plus 1.05% with a 0.20% facility fee. On July 31, 2019, the Company executed a commitment increase to its unsecured revolving credit

facility, which increased the aggregate facility capacity by an additional $58.0 million. As of July 31, 2019, lenders held revolving commitments totaling approximately $5.5 billion that mature on May 5, 2023, commitments totaling $245.0 million that mature on May 5, 2022, commitments totaling approximately $5.0 million that mature on May 5, 2021, and commitments totaling $92.7 million that mature on May 5, 2020.

Maturities

Maturities of debt outstanding as of June 30, 2019 are as follows (in thousands):

Years ending December 31,
2019	$	59,892
2020		1,460,039
2021		1,991,039
2022		2,701,069
2023		2,537,846
Thereafter		4,247,646
Total	$	12,997,531