Debt and Other Obligations

12 Months Ended

Dec. 31, 2019

Long-term debt

As of December 31, 2019, the Company had outstanding non-public and public debt instruments. During 2019, the Company acquired additional debt through fixed-rate term loans and a previously existing revolving credit facility described below.

Fixed-rate term loans

During 2019, the Company acquired additional debt under facility agreements, which as of December 31, 2019 provided $152.0 million of debt financing for 4 Airbus A320 aircraft delivered during 2019. Each loan extended under the facility

agreements was funded on or near the delivery date of each aircraft and is secured by a first-priority security interest on the individual aircraft. Each loan has a term life of 11 to 12 years and amortizes on a mortgage-style basis, which requires quarterly principal and interest payments. Loans bear interest on a fixed-rate basis with interest rates ranging between 2.85% and 3.93%. As of December 31, 2019, the Company has taken delivery of all 4 Airbus A320 aircraft financed through these facility agreements.

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. As of December 31, 2019, collateralized amounts were related to 34 Airbus A320neo aircraft scheduled to be delivered between January 2020 and December 2021. The final maturity of the facility is December 30, 2020 with final payment due in January 2021. As of December 31, 2019, the Company had drawn $160.0 million on the facility of which $50.0 million is included in current maturities of long-term debt and finance leases and $110.0 million is included within long-term debt and finance leases, less current maturities on the Company's balance sheets. The revolving credit facility bears variable interest based on LIBOR.

Long-term debt is comprised of the following:



	As of
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
	(in millions)				(weighted-average interest rates)
Fixed-rate senior term loans due through 2027	$	296.1	$	382.4	4.02	%	4.10	%
Fixed-rate junior term loans due through 2022	—		31.1		N/A		6.90	%
Fixed-rate loans due through 2030	778.2		625.1		3.70	%	3.88	%
Fixed-rate class A 2015-1 EETC due through 2028	348.6		378.6		4.10	%	4.10	%
Fixed-rate class B 2015-1 EETC due through 2024	72.0		80.0		4.45	%	4.45	%
Fixed-rate class C 2015-1 EETC due through 2023	98.1		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 2021	160.0		135.3		3.12	%	3.72	%
Long-term debt	$	2,213.6	$	2,234.5
Less current maturities	214.0		162.8
Less unamortized discount, net	40.4		47.7
Total	$	1,959.2	$	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 year ended December 31, 2019 and 2018, the Company made principal payments of $246.8 million and $137.3 million on its outstanding debt obligations, respectively.

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



	December 31, 2019
	(in millions)
2020	$	222.1
2021	273.8
2022	167.7
2023	310.1
2024	195.5
2025 and beyond	1,044.4
Total debt principal payments	$	2,213.6

Interest Expense

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



	Year Ended December 31,
	2019		2018
	(in thousands)
Fixed-rate senior term loans	$	15,225	$	16,869
Fixed-rate junior term loans	1,811		2,475
Fixed-rate term loans	25,828		19,615
Class A 2015-1 EETC	14,894		16,138
Class B 2015-1 EETC	3,377		3,781
Class C 2015-1 EETC	5,117		3,575
Class AA 2017-1 EETC	7,887		6,026
Class A 2017-1 EETC	2,843		2,172
Class B 2017-1 EETC	2,870		2,420
Class C 2017-1 EETC	4,367		2,478
Revolving credit facility	5,792		793
Finance leases	408		104
Commitment fees and other	2,217		262
Amortization of deferred financing costs	8,714		7,069
Total	$	101,350	$	83,777

As of December 31, 2019 and 2018, the Company had a line of credit for $33.6 million related to corporate credit cards. Respectively, the Company had drawn $4.6 million and $3.5 million as of December 31, 2019 and 2018, which is included in accounts payable.

As of December 31, 2019 and 2018, the Company had lines of credit with counterparties for derivatives and physical fuel delivery in the amount of $41.5 million. As of December 31, 2019 and 2018, the Company had drawn $25.3 million and $23.0 million on these lines of credit for physical fuel delivery, which is included within other current liabilities in the Company's balance sheets. The Company is required to post collateral for any excess above the lines of credit if the fuel derivatives are in a net liability position and make periodic payments in order to maintain an adequate undrawn portion for physical fuel delivery. As of December 31, 2019 and 2018, the Company did not have any outstanding fuel derivatives.