Debt Financing

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt Financing

Debt Financing

The Company’s consolidated debt as of March 31, 2022 and December 31, 2021 is summarized below:

	March 31, 2022		December 31, 2021
	(in thousands)
Unsecured
Senior notes	$	17,695,077	$	16,892,058
Term financings	195,275		167,000
Total unsecured debt financing	17,890,352		17,059,058
Secured
Term financings	123,452		126,660
Export credit financing	16,637		18,301
Total secured debt financing	140,089		144,961
Total debt financing	18,030,441		17,204,019
Less: Debt discounts and issuance costs	(205,716)		(181,539)
Debt financing, net of discounts and issuance costs	$	17,824,725	$	17,022,480

Senior unsecured notes (including Medium-Term Note Program)

As of March 31, 2022, the Company had $17.7 billion in senior unsecured notes outstanding. As of December 31, 2021, the Company had $16.9 billion in senior unsecured notes outstanding.

During the three months ended March 31, 2022, the Company issued $1.5 billion in aggregate principal amount of senior unsecured notes comprised of (i) $750.0 million in aggregate principal amount of 2.20% Medium-Term Notes due 2027, and (ii) $750.0 million in aggregate principal amount of 2.875% Medium-Term Notes due 2032.

Unsecured revolving credit facility

As of March 31, 2022 and December 31, 2021, the Company did not have any amounts outstanding under its unsecured revolving credit facility (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.

As of March 31, 2022, borrowings under the Revolving Credit Facility accrued interest at LIBOR plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to increases or decreases based on declines or improvements in the credit ratings for the Company’s debt.

In April 2022, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2025 to May 5, 2026 and, after giving effect to $65.0 million in commitments that matured on May 5, 2022, increased the total revolving commitments to approximately $7.0 billion as of May 5, 2022. As of May 5, 2022, lenders held revolving commitments totaling approximately $6.5 billion that mature on May 5, 2026, commitments totaling $132.5 million that mature on May 5, 2025 and commitments totaling $400.0 million that mature on May 5, 2023. The amended Revolving Credit Facility also replaced LIBOR with Term SOFR as the benchmark interest rate and made certain conforming changes related thereto. As a result of the amendment, borrowings under the amended Revolving Credit Facility accrue interest at the Adjusted Term SOFR (as defined in the Revolving Credit Facility), plus a margin of 1.05% per year subject to increases or decreases based on declines or improvements in the credit ratings for the Company’s debt.

Other debt financings

From time to time, the Company enters into other debt financings such as unsecured term financings and secured term financings, including export credit. As of March 31, 2022, the outstanding balance on other debt financings was $335.4 million and the Company had pledged three aircraft as collateral with a net book value of $219.7 million. As of December 31, 2021, the outstanding balance on other debt financings was $312.0 million and the Company had pledged three aircraft as collateral with a net book value of $222.2 million.

Maturities

Maturities of debt outstanding as of March 31, 2022 are as follows:

	(in thousands)
Years ending December 31,
2022	$	1,376,451
2023	2,538,951
2024	2,894,628
2025	2,327,389
2026	3,472,845
Thereafter	5,420,177
Total	$	18,030,441