Long-Term Debt

Long-term debt is comprised of the following:



	As of				Three Months Ended September 30,			Nine Months Ended September 30,
	September 30, 2015		December 31, 2014		2015		2014	2015		2014
	(in millions)				(weighted-average interest rates)
Senior term loans due through 2026 - 2027	$	492.1	$	132.0	4.10	%	N/A	4.10	%	N/A
Junior term loans due through 2021 - 2022	56.1		16.0		6.90	%	N/A	6.90	%	N/A
Long-term debt	$	548.2	$	148.0
Less current maturities	37.8		10.4
Less unamortized discounts	10.3		2.4
Total	$	500.1	$	135.2

During the nine months ended September 30, 2015, the Company made scheduled principal payments of $15.8 million on its outstanding debt obligations.

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



	September 30, 2015
	(in millions)
remainder of 2015	$	9.6
2016	39.7
2017	41.8
2018	43.7
2019	45.8
2020 and thereafter	367.6
Total debt principal payments	$	548.2

2015-1 EETCs

In August 2015, the Company created two separate pass-through trusts, which issued approximately $576.6 million aggregate face amount of Series 2015-1 Class A and Class B enhanced equipment trust certificates (EETCs) with a blended interest rate of 4.15% per annum in connection with the financing of 12 new Airbus A321-200 aircraft and 3 new Airbus A320-200 aircraft to be delivered from October 2015 to December 2016. Each class of certificates represents a fractional undivided interest in the respective pass-through trusts and is not an obligation of the Company. The proceeds from the issuance of these certificates are initially held in escrow by a depositary and, upon satisfaction of certain terms and conditions, will be released and used to purchase equipment notes to be issued by the Company which will be secured by a security interest in such aircraft.

The Company evaluated whether the pass-through trusts formed are variable interest entities (VIEs) required to be consolidated by the Company under applicable accounting guidance. The Company determined that the pass-through trusts are VIEs and that it does not have a variable interest in the pass-through trusts. Based on this analysis, the Company determined that it is not required to consolidate these pass-through trusts.

As of September 30, 2015, none of the escrowed funds had been used to purchase equipment notes. The $576.6 million of escrowed proceeds will be used to purchase equipment notes as the 15 new aircraft are delivered, beginning in October 2015. Equipment notes that are issued will be reported as debt on the Company's condensed balance sheets. Interest on the issued and outstanding equipment notes will be payable semiannually on April 1 and October 1 of each year, commencing on April 1, 2016, and principal on such equipment notes is scheduled for payment on April 1 and October 1 of certain years, commencing on October 1, 2016. Issued and outstanding Series A and Series B equipment notes mature in April 2028 and April 2024, respectively, and will accrue interest at a rate of 4.100% per annum and 4.450% per annum, respectively.

Interest Expense

Interest expense related to debt consists of the following:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands)
Senior term loans	$	4,639	$	—	$	10,260	$	—
Junior term loans	926		—		2,023		—
Amortization of debt discounts	340		—		729		—
Total	$	5,905	$	—	$	13,012	$	—