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 near the delivery date of each aircraft and is secured by a first-priority security interest on the individual aircraft. Each loan amortizes on a mortgage-style basis, which requires quarterly payments, with senior loans having a 12-year term and junior loans having a 7-year term. The loans require interest payments quarterly on a floating or fixed rate basis, at the Company's election. As of June 30, 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 provided up to $185 million of debt financing for five Airbus A320 aircraft. Each loan extended under the Facility Agreements was funded on or near the delivery date of each aircraft and was secured by a first-priority security interest on the individual aircraft. Each loan amortizes on a mortgage-style basis, which requires quarterly payments, with senior loans having a 12-year term and junior loans having a 7-year term. The loans require interest payments quarterly on a floating or fixed rate basis, at the Company's election. As of June 30, 2015, the Company took delivery of all five Airbus A320 aircraft financed through the Facility Agreements and recorded fixed-rate debt of $185 million.

Long-term debt is comprised of the following:



	As of				Three Months Ended June 30,			Six Months Ended June 30,
	June 30, 2015		December 31, 2014		2015		2014	2015		2014
	(in millions)				(weighted-average interest rates)
Senior term loans due through 2026 - 2027	$	387.2	$	132.0	4.04	%	N/A	4.04	%	N/A
Junior term loans due through 2021 - 2022	48.6		16.0		6.89	%	N/A	6.89	%	N/A
Long-term debt	$	435.8	$	148.0
Less current maturities	29.7		10.4
Less unamortized discounts	7.1		2.4
Total	$	399.0	$	135.2

During the six months ended June 30, 2015, the Company made scheduled principal payments of $8.2 million on its outstanding debt obligations.

At June 30, 2015, long-term debt principal payments for the next five years and thereafter are as follows:



	June 30, 2015
	(in millions)
remainder of 2015	$	15.2
2016	31.4
2017	33.0
2018	34.6
2019	36.2
2020 and thereafter	285.4
Total debt principal payments	$	435.8

Interest Expense

Interest expense related to debt consists of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in thousands)
Senior term loans	$	3,426	$	—	$	5,620	$	—
Junior term loans	678		—		1,097		—
Amortization of debt discounts	230		—		389		—
Total	$	4,334	$	—	$	7,106	$	—