Long-Term Debt

As of September 30, 2016, the Company has issued non-public and public debt instruments. The Company's indebtedness includes the 2014 Framework Agreement, the 2015 Facility Agreements and the 2015-1 EETCs, as defined in the Company's Form 10-K for the year ended December 31, 2015.

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) in connection with the financing of 15 aircraft. 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, are released and used to purchase equipment notes which are issued by the Company and secured by the Company's aircraft. As of September 30, 2016, $499.3 million of the proceeds from the sale of the 2015-1 EETCs had been used to purchase equipment notes in connection with the financing of 3 Airbus A320 aircraft and 10 Airbus A321 aircraft. The remaining two aircraft are scheduled for delivery between November 2016 and January 2017.

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.

Long-term debt is comprised of the following:



	As of				Three Months Ended September 30,				Nine Months Ended September 30,
	September 30, 2016		December 31, 2015		2016		2015		2016		2015
	(in millions)				(weighted-average interest rates)
Fixed-rate senior term loans due through 2027	$	460.1	$	484.2	4.10	%	4.10	%	4.10	%	4.10	%
Fixed-rate junior term loans due through 2022	48.9		54.3		6.90	%	6.90	%	6.90	%	6.90	%
Fixed-rate class A enhanced equipment trust certificates due through 2028	394.8		95.8		4.03	%	N/A		4.03	%	N/A
Fixed-rate class B enhanced equipment trust certificates due through 2024	104.5		25.0		4.38	%	N/A		4.38	%	N/A
Long-term debt	$	1,008.3	$	659.3
Less current maturities	84.4		49.6
Less unamortized discounts, net	29.1		13.0
Total	$	894.8	$	596.7

During the three and nine months ended September 30, 2016, the Company made scheduled principal payments of $10.0 million and $29.6 million on its outstanding debt obligations, respectively. During the three and nine months ended September 30, 2015, the Company made scheduled principal payments of $7.6 million and $15.8 million on its outstanding debt obligations, respectively.

At September 30, 2016, long-term debt principal payments for the next five years and thereafter were as follows:



	September 30, 2016
	(in millions)
remainder of 2016	$	34.7
2017	84.6
2018	80.4
2019	79.1
2020	77.3
2021 and thereafter	652.2
Total debt principal payments	$	1,008.3

Interest Expense

Interest expense related to long-term debt consisted of the following:



	Three Months Ended September 30				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in thousands)
Senior term loans	$	4,917	$	4,639	$	14,929	$	10,260
Junior term loans	879		926		2,721		2,023
Class A enhanced equipment trust certificates	3,538		—		7,419		—
Class B enhanced equipment trust certificates	1,015		—		2,124		—
Commitment fees	32		—		97		—
Amortization of debt discounts	979		340		2,289		729
Total	$	11,360	$	5,905	$	29,579	$	13,012