Long-Term Debt

On October 1, 2014, the Company entered into a Framework Agreement with a bank syndicate which provides up to $379 million of debt financing for seven Airbus A320 aircraft and three Airbus A321 aircraft. Each loan extended under the Framework Agreement is funded on or about the delivery date of each aircraft and is secured by a first-priority security interest on the individual aircraft. Each loan amortizes quarterly on a mortgage-style basis, with senior loans having a 12-year term and junior loans having a 7-year term. Loans bear interest payable quarterly on a floating or fixed rate basis, at the Company's option. As of March 31, 2015, the Company has taken delivery of seven Airbus A320 aircraft financed through the Framework Agreement and recorded fixed-rate debt of $259 million. The remaining three Airbus A321 aircraft are scheduled for delivery under the Company's existing purchase agreement with Airbus between July 2015 and September 2015.

On February 24, 2015, the Company entered into two Facility Agreements, which will provide up to $185 million of debt financing for five Airbus A320 aircraft. Each loan extended under the Facility Agreements is funded on or about the delivery date of each aircraft and is secured by a first-priority security interest on the individual aircraft. Each loan amortizes quarterly on a mortgage-style basis, with senior loans having a 12-year term and junior loans having a 7-year term. Loans bear interest payable quarterly on a floating or fixed rate basis, at the Company's option. As of March 31, 2015, the Company took delivery of two Airbus A320 aircraft financed through the Facility Agreements and recorded fixed-rate debt of $74 million. The remaining three Airbus A320 aircraft under the Company's existing Facility Agreements are scheduled for delivery between April 2015 and June 2015.

Long-term debt is comprised of the following:



	As of				Three Months Ended March 31,
	March 31, 2015		December 31, 2014		2015		2014
	(in millions)				(weighted-average interest rates)
Senior term loans due through 2026 - 2027	$	298.9	$	132.0	4.10	%	N/A
Junior term loans due through 2021 - 2022	31.5		16.0		6.89	%	N/A
Long-term debt	$	330.4	$	148.0
Less current maturities	22.2		10.4
Less unamortized discounts, net	5.5		2.4
Total	$	302.8	$	135.2

During the three months ended March 31, 2015, the Company made scheduled principal payments of $2.6 million on outstanding long-term debt.

At March 31, 2015, long-term debt principal payments for the next five years and thereafter are as follows:



	March 31, 2015
	(in millions)
remainder of 2015	$	17.2
2016	23.8
2017	24.9
2018	26.2
2019	27.4
2020 and thereafter	210.9
Total debt principal payments	$	330.4

Interest Expense

Interest expense related to debt consists of the following:



	Three Months Ended March 31,
	2015		2014
	(in thousands)
Senior term loans	$	2,194	$	—
Junior term loans	419		—
Amortization of debt discounts	159		—
Total	$	2,772	$	—