Debt and Other Obligations

9 Months Ended

Sep. 30, 2019

As of September 30, 2019, the Company had outstanding non-public and public debt instruments. During the nine months ended September 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 September 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 $160.0 million secured by the collateral assignment of certain of the Company's rights under the purchase agreement with Airbus. As of September 30, 2019, collateralized amounts were related to 40 Airbus A320neo aircraft scheduled to be delivered between November 2019 and December 2021. The final maturity of the facility is December 30, 2020. As of September 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				As of
	September 30, 2019		December 31, 2018		September 30, 2019		December 31, 2018
	(in millions)				(weighted-average interest rates)
Fixed-rate senior term loans due through 2027	$	354.7	$	382.4	4.10	%	4.10	%
Fixed-rate junior term loans due through 2022	24.6		31.1		6.90	%	6.90	%
Fixed-rate loans due through 2031	660.0		625.1		3.48	%	3.88	%
Fixed-rate class A 2015-1 EETC due through 2028	363.6		378.6		4.10	%	4.10	%
Fixed-rate class B 2015-1 EETC due through 2024	76.0		80.0		4.45	%	4.45	%
Fixed-rate class C 2015-1 EETC due through 2023	103.8		109.5		4.93	%	4.93	%
Fixed-rate class AA 2017-1 EETC due through 2030	228.4		242.5		3.38	%	3.38	%
Fixed-rate class A 2017-1 EETC due through 2030	76.1		80.8		3.65	%	3.65	%
Fixed-rate class B 2017-1 EETC due through 2026	70.6		83.7		3.80	%	3.80	%
Fixed-rate class C 2017-1 EETC due through 2023	85.5		85.5		5.11	%	5.11	%
Revolving credit facility due in 2020	160.0		135.3		3.45	%	3.72	%
Long-term debt	2,203.3		2,234.5
Less current maturities	193.7		162.8
Less unamortized discounts, net	42.0		47.7
Total	$	1,967.6	$	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 nine months ended September 30, 2019, the Company made scheduled principal payments of $40.1 million and $125.9 million, respectively, on its outstanding debt obligations. During the three and nine months ended September 30, 2018, the Company made scheduled principal payments of $32.6 million and $93.2 million, respectively, on its outstanding debt obligations.

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



	September 30, 2019
	(in millions)
Remainder of 2019	$	49.3
2020	221.1
2021	280.8
2022	164.3
2023	303.1
2024 and beyond	1,184.7
Total debt principal payments	$	2,203.3

Interest Expense

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in thousands)
Fixed-rate senior term loans	$	3,809	$	4,195	$	11,632	$	12,769
Fixed-rate junior term loans	454		605		1,467		1,908
Fixed-rate term loans	6,517		4,844		19,151		14,636
Class A 2015-1 EETC	3,747		4,057		11,294		12,214
Class B 2015-1 EETC	850		939		2,570		2,881
Class C 2015-1 EETC	1,279		1,420		3,894		2,209
Class AA 2017-1 EETC	1,973		1,751		5,959		4,008
Class A 2017-1 EETC	711		631		2,148		1,445
Class B 2017-1 EETC	708		700		2,199		1,636
Class C 2017-1 EETC	1,104		934		3,275		1,400
Revolving credit facility	1,493		—		4,466		—
Amortization of deferred financing costs	2,175		1,784		6,544		4,930
Commitment and other fees	281		49		400		182
Finance leases	37		16		376		54
Total	$	25,138	$	21,925	$	75,375	$	60,272