Debt and Other Obligations

6 Months Ended

Jun. 30, 2019

As of June 30, 2019, the Company had outstanding non-public and public debt instruments. During the six months ended June 30, 2019, the Company incurred debt through fixed-rate term loans 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 June 30, 2019, provided $70.0 million for two Airbus A320 aircraft delivered in 2019. The loans extended under the facility agreement are secured by a first-priority security interest on the individual aircraft. These loans have a term life of 12 years and amortize on a mortgage-style basis, which requires quarterly principal and interest payments.

Revolving credit facility

During 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 June 30, 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 June 30,				Six Months Ended June 30,
	June 30, 2019		December 31, 2018		2019		2018		2019		2018
	(in millions)				(weighted-average interest rates)
Fixed-rate senior term loans due through 2027	$	364.0	$	382.4	4.10	%	4.10	%	4.10	%	4.10	%
Fixed-rate junior term loans due through 2022	26.8		31.1		6.90	%	6.90	%	6.90	%	6.90	%
Fixed-rate loans due through 2031	672.7		625.1		3.48	%	3.83	%	3.48	%	3.83	%
Fixed-rate class A 2015-1 EETC due through 2028	363.6		378.6		4.10	%	4.10	%	4.10	%	4.10	%
Fixed-rate class B 2015-1 EETC due through 2024	76.0		80.0		4.45	%	4.45	%	4.45	%	4.45	%
Fixed-rate class C 2015-1 EETC due through 2023	103.8		109.5		4.93	%	4.93	%	4.93	%	4.93	%
Fixed-rate class AA 2017-1 EETC due through 2030	235.4		242.5		3.38	%	3.38	%	3.38	%	3.38	%
Fixed-rate class A 2017-1 EETC due through 2030	78.5		80.8		3.65	%	3.65	%	3.65	%	3.65	%
Fixed-rate class B 2017-1 EETC due through 2026	77.2		83.7		3.80	%	3.80	%	3.80	%	3.80	%
Fixed-rate class C 2017-1 EETC due through 2023	85.5		85.5		5.11	%	5.11	%	5.11	%	5.11	%
Revolving credit facility due in 2020	160.0		135.3		3.86	%	N/A		3.87	%	N/A
Long-term debt	2,243.5		2,234.5
Less current maturities	175.5		162.8
Less unamortized discounts, net	44.2		47.7
Total	$	2,023.8	$	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 and six months ended June 30, 2019, the Company made scheduled principal payments of $47.9 million and $85.8 million, respectively, on its outstanding debt obligations. During the three and six months ended June 30, 2018, the Company made scheduled principal payments of $42.0 million and $60.6 million, respectively, on its outstanding debt obligations.

At June 30, 2019, long-term debt principal payments for the next five years and thereafter are as follows:



	June 30, 2019
	(in millions)
Remainder of 2019	$	89.4
2020	216.1
2021	285.8
2022	164.3
2023	303.1
2024 and beyond	1,184.8
Total debt principal payments	$	2,243.5

Interest Expense

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(in thousands)
Fixed-rate senior term loans	$	3,878	$	4,257	$	7,823	$	8,573
Fixed-rate junior term loans	489		636		1,012		1,303
Fixed-rate term loans	6,432		4,881		12,634		9,792
Class A 2015-1 EETC	3,709		4,015		7,547		8,157
Class B 2015-1 EETC	841		930		1,721		1,942
Class C 2015-1 EETC	1,280		789		2,615		789
Class AA 2017-1 EETC	1,997		1,576		3,986		2,257
Class A 2017-1 EETC	720		568		1,437		814
Class B 2017-1 EETC	737		654		1,491		936
Class C 2017-1 EETC	1,092		466		2,171		466
Revolving credit facility	1,559		—		2,973		—
Amortization of deferred financing costs	2,177		1,655		4,369		3,146
Commitment and other fees	46		53		119		133
Finance leases	309		18		339		39
Total	$	25,266	$	20,498	$	50,237	$	38,347