Debt Financing

3 Months Ended

Mar. 31, 2020

Debt Financing

Debt Financing

Note 4.  Debt Financing

The Company’s consolidated debt as of March 31, 2020 and December 31, 2019 (dollars in thousands):

	March 31,		December 31,
	2020		2019
Unsecured
Senior notes	$	12,834,333	$	12,357,811
Term financings		877,950		883,050
Revolving credit facility		515,000		20,000
Total unsecured debt financing		14,227,283		13,260,861
Secured
Term financings		322,320		428,824
Export credit financing		29,947		31,610
Total secured debt financing		352,267		460,434
Total debt financing		14,579,550		13,721,295
Less: Debt discounts and issuance costs		(164,929)		(142,429)
Debt financing, net of discounts and issuance costs	$	14,414,621	$	13,578,866

The Company’s secured obligations as of March 31, 2020 and December 31, 2019 are summarized below (dollars in thousands):

	March 31,		December 31,
	2020		2019
Nonrecourse	$	120,381	$	128,460
Recourse		231,886		331,974
Total secured debt financing	$	352,267	$	460,434
Number of aircraft pledged as collateral		12		15
Net book value of aircraft pledged as collateral	$	652,351	$	890,693

Senior unsecured notes (including Medium-Term Note Program)

As of March 31, 2020, the Company had $12.8 billion in senior unsecured notes outstanding. As of December 31, 2019, the Company had $12.4 billion in senior unsecured notes outstanding.

During the three months ended March 31, 2020, the Company issued $1.4 billion in aggregate principal amount of Medium-Term Notes comprised of (i) $750.0 million due 2025 at a fixed rate of 2.30% and (ii) $650.0 million due 2030 at a fixed rate of 3.00%.

Unsecured revolving credit facilities

The Company has an unsecured revolving credit facility with JPMorgan Chase Bank, N.A. as agent (the “Revolving Credit Facility”). During the quarter ended March 31, 2020, the Company increased the aggregate capacity of the Revolving Credit Facility by $250.0 million to $6.1 billion. The total amount outstanding under the Revolving Credit Facility was $515.0 million and $20.0 million as of March 31, 2020 and December 31, 2019, respectively.

As of March 31, 2020, borrowings under the Revolving Credit Facility will generally bear interest at either (a) LIBOR plus a margin of 1.05% per year or (b) an alternative base rate plus a margin of 0.05% per year, subject, in each case, to increases or decreases based on declines in the credit ratings for our debt. The Company is required to pay a facility fee of 0.20% per year (also subject to increases or decreases based on declines in the credit ratings for the Company’s debt) in respect of total commitments under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes.

On May 5, 2020, commitments totaling $92.7 million of the Revolving Credit Facility matured. 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 and commitments totaling $5.0 million that mature on May 5, 2021. As of May 7, 2020, after giving effect to the commitments that matured on May 5, 2020, the aggregate capacity of the Revolving Credit Facility was approximately $6.0 billion.

Maturities

Maturities of debt outstanding as of March 31, 2020 are as follows (in thousands):

Years ending December 31,
2020	$	319,372
2021		2,049,294
2022		2,751,269
2023		2,988,154
2024		1,534,552
Thereafter		4,936,909
Total	$	14,579,550