Debt and Other Obligations

3 Months Ended

Mar. 31, 2019

As of March 31, 2019, the Company had outstanding non-public and public debt instruments. During the three months ended March 31, 2019, the Company issued additional debt through a fixed-rate term facility and a previously existing revolving credit facility described below.

Fixed-rate term loans

During 2018, the Company entered into a facility agreement, which as of March 31, 2019, provided $35.0 million for an Airbus A320 aircraft delivered during the first quarter of 2019. The loan extended under the facility agreement is secured by a first-priority security interest on the individual aircraft. This loan has a term life of 12 years and amortizes on a mortgage-style basis, which requires quarterly principal and interest payments.

Revolving credit facility

During the fourth quarter of 2018, the Company entered into a revolving credit facility for up to $160 million secured by the collateral assignment of certain of the Company's rights under the purchase agreement with Airbus, related to 43 Airbus A320neo aircraft scheduled to be delivered between August 2019 and December 2021. The final maturity of the facility is December 30, 2020. As of March 31, 2019, the Company had drawn $160.0 million on the facility which is included in long-term debt and finance leases, less current maturities on the Company's condensed balance sheets. The revolving credit facility bears variable interest based on LIBOR.

Long-term debt is comprised of the following:



	As of				Three Months Ended March 31,
	March 31, 2019		December 31, 2018		2019		2018
	(in millions)				(weighted-average interest rates)
Fixed-rate senior term loans due through 2027	$	373.2	$	382.4	4.10	%	4.10	%
Fixed-rate junior term loans due through 2022	29.0		31.1		6.90	%	6.90	%
Fixed-rate loans due through 2031	649.5		625.1		3.67	%	3.83	%
Fixed-rate class A 2015-1 EETC due through 2028	378.6		378.6		4.10	%	4.10	%
Fixed-rate class B 2015-1 EETC due through 2024	80.0		80.0		4.45	%	4.45	%
Fixed-rate class C 2015-1 EETC due through 2023	109.5		109.5		4.93	%	N/A
Fixed-rate class AA 2017-1 EETC due through 2030	235.4		242.5		3.38	%	3.38	%
Fixed-rate class A 2017-1 EETC due through 2030	78.5		80.8		3.65	%	3.65	%
Fixed-rate class B 2017-1 EETC due through 2026	77.2		83.7		3.80	%	3.80	%
Fixed-rate class C 2017-1 EETC due through 2023	85.5		85.5		5.11	%	N/A
Revolving credit facility due in 2020	160.0		135.3		3.88	%	N/A
Long-term debt	2,256.4		2,234.5
Less current maturities	172.3		162.8
Less unamortized discounts, net	46.0		47.7
Total	$	2,038.1	$	2,024.0

The Company's debt financings are collateralized by first priority security interest in the individual aircraft being financed with the exception of the Company's revolving credit facility secured by the Company's rights under the purchase agreement with Airbus related to certain A320neo aircraft. During the three months ended March 31, 2019 and March 31, 2018, the Company made scheduled principal payments of $37.9 million and $18.7 million on its outstanding debt obligations, respectively.

At March 31, 2019, long-term debt principal payments for the next five years and thereafter are as follows:



	March 31, 2019
	(in millions)
remainder of 2019	$	135.8
2020	212.8
2021	283.3
2022	161.9
2023	300.5
2024 and beyond	1,162.1
Total debt principal payments	$	2,256.4

Interest Expense

Interest expense related to long-term debt and finance leases consists of the following:



	Three Months Ended March 31,
	2019		2018
	(in thousands)
Fixed-rate senior term loans	$	3,945	$	4,317
Fixed-rate junior term loans	523		667
Fixed-rate term loans	6,202		4,911
Class A 2015-1 EETC	3,838		4,142
Class B 2015-1 EETC	880		1,012
Class C 2015-1 EETC	1,335		—
Class AA 2017-1 EETC	1,989		682
Class A 2017-1 EETC	717		246
Class B 2017-1 EETC	754		283
Class C 2017-1 EETC	1,080		—
Revolving credit facility	1,413		—
Amortization of deferred financing costs	2,192		1,491
Commitment and other fees	74		77
Finance leases	29		21
Total	$	24,971	$	17,849