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Debt Financing
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Financing Debt Financing
The Company’s consolidated debt as of June 30, 2024 and December 31, 2023 is summarized below:

June 30, 2024December 31, 2023
(in thousands)
Unsecured
Senior unsecured securities$17,493,142 $16,329,605 
Term financings 2,003,500 1,628,400 
Revolving credit facility90,000 1,100,000 
        Total unsecured debt financing19,586,642 19,058,005 
Secured
Export credit financing 197,776 204,984 
Term financings 93,731 100,471 
        Total secured debt financing291,507 305,455 
Total debt financing 19,878,149 19,363,460 
Less: Debt discounts and issuance costs(199,086)(180,803)
Debt financing, net of discounts and issuance costs$19,679,063 $19,182,657 

As of June 30, 2024, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test.

Senior unsecured securities (including Medium-Term Note Program)

As of June 30, 2024 and December 31, 2023, the Company had $17.5 billion and $16.3 billion in senior unsecured securities outstanding, respectively.

During the six months ended June 30, 2024, the Company issued (i) $500.0 million in aggregate principal amount of 5.10% Medium-Term Notes due 2029, (ii) Canadian dollar (“C$”) denominated debt of C$400.0 million in additional aggregate principal amount of 5.40% Medium-Term Notes due 2028 (“2024 C$ notes”), (iii) Euro (“€”) denominated debt of €600.0 million in aggregate principal amount of 3.70% Medium-Term Notes due 2030 (“2024 € notes”), (iv) $600.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2026 and (v) $600.0 million in aggregate principal amount of 5.20% Medium-Term Notes due 2031.

The 2024 C$ notes issued in 2024 have the same terms as, and constitute a single tranche with, the C$500.0 million aggregate principal amount of 5.40% Medium-Term Notes issued in November 2023. The Company hedged the 2024 C$ notes through a cross-currency swap that converts the borrowing rate to a fixed 5.95% U.S. dollar denominated rate. The Company also hedged the 2024 € notes through a cross-currency swap that converts the borrowing rate to a fixed 5.441% U.S. dollar denominated rate. The swaps have been designated as cash flow hedges with changes in the fair value of the derivative recognized in other comprehensive income/(loss). See Note 9. “Fair Value Measurements” for additional details on the fair value of the swaps.

Syndicated unsecured revolving credit facility

As of June 30, 2024 and December 31, 2023, the Company had $90.0 million and $1.1 billion, respectively, outstanding under its syndicated 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.
In April 2024, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2027 to May 5, 2028 and amended the total revolving commitments thereunder to approximately $7.8 billion as of May 5, 2024. As of August 1, 2024, lenders held revolving commitments totaling approximately $7.5 billion that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027, $210.0 million that mature on May 5, 2026 and commitments totaling $25.0 million that mature on May 5, 2025. Borrowings under the Revolving Credit Facility continue to accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) 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 changes in the Company’s credit ratings.

Secured debt financings

As of June 30, 2024, the Company had an outstanding balance of $291.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $436.9 million. As of December 31, 2023, the Company had an outstanding balance of $305.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $445.9 million. All of the Company’s secured obligations as of June 30, 2024 and December 31, 2023 are recourse in nature.

Maturities

Maturities of debt outstanding as of June 30, 2024 are as follows (in thousands):
Years ending December 31,
2024$1,696,479 
20252,541,675 
20265,246,518 
20272,777,270 
20283,067,724 
Thereafter 4,548,483 
Total$19,878,149