Debt Financing

9 Months Ended

Sep. 30, 2019

Debt Financing

Debt Financing

Note 4.  Debt Financing

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

	September 30,		December 31,
	2019		2018
Unsecured
Senior notes	$	12,050,000	$	10,043,445
Term financings		813,150		607,340
Revolving credit facilities		610,000		602,000
Total unsecured debt financing		13,473,150		11,252,785
Secured
Term financings		392,593		371,203
Export credit financing		33,274		38,265
Total secured debt financing		425,867		409,468
Total debt financing		13,899,017		11,662,253
Less: Debt discounts and issuance costs		(147,145)		(123,348)
Debt financing, net of discounts and issuance costs	$	13,751,872	$	11,538,905

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

	September 30,		December 31,
	2019		2018
Nonrecourse	$	138,797	$	167,245
Recourse		287,070		242,223
Total secured debt financing	$	425,867	$	409,468
Number of aircraft pledged as collateral		17		20
Net book value of aircraft pledged as collateral	$	915,211	$	1,132,111

Senior unsecured notes (including Medium-Term Note Program)

As of September 30, 2019, the Company had $12.1 billion in senior unsecured notes outstanding. As of December 31, 2018, the Company had $10.0 billion in senior unsecured notes outstanding.

During the nine months ended September 30, 2019, the Company issued $2.85 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%, (iii) $300.0 million due 2021 that bear interest at a floating rate of three-month LIBOR plus 0.67%, (iv) $600.0 million due 2023 at a fixed rate of 2.25% and (v) $500.0 million due 2029 at a fixed rate of 3.25%.

Unsecured revolving credit facilities

As of September 30, 2019, the total outstanding balance on the Company's unsecured revolving credit facilities was approximately $610.0 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 a 0.20% facility fee and current borrowings bearing interest at a floating rate of LIBOR plus 1.05%. 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. Lenders hold 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 September 30, 2019 are as follows (in thousands):

Years ending December 31,
2019	$	31,189
2020		1,456,585
2021		1,993,870
2022		2,696,599
2023		2,966,461
Thereafter		4,754,313
Total	$	13,899,017