DEBT, NET

6 Months Ended

Jun. 30, 2020

9. DEBT, NET

Our debt, net is summarized as follows:


	June 30, 2020						December 31, 2019
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
FTAI Pride Credit Agreement	$	—	N/A	N/A	$	36,009
Revolving Credit Facility ⁽¹⁾	195,000		(i) Base Rate + 2.00%; or (ii) Adjusted Eurodollar Rate + 3.00%	1/31/2022	—
Jefferson Revolver	—		N/A	N/A	50,000
DRP Revolver ⁽²⁾	25,000		(i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar)	11/5/2021	25,000
Total loans payable	220,000				111,009
Bonds payable
Series 2012 Bonds ⁽³⁾	—		N/A	N/A	41,059
Series 2016 Bonds	—		N/A	N/A	144,200
Series 2020 Bonds	263,980		See below	See below	—
Senior Notes due 2022 ⁽⁴⁾	698,207		6.75%	3/15/2022	697,814
Senior Notes due 2025 ⁽⁵⁾	445,321		6.50%	10/1/2025	444,957
Total bonds payable	1,407,508				1,328,030

Debt	1,627,508				1,439,039
Less: Debt issuance costs	(25,204)				(18,111)
Total debt, net	$	1,602,304			$	1,420,928

Total debt due within one year	$	—			$	182,019

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⁽¹⁾ Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

⁽²⁾ Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

⁽³⁾ Includes unamortized premium of $1,509 as of December 31, 2019.

⁽⁴⁾ Includes unamortized discount of $4,348 and $5,429 at June 30, 2020 and December 31, 2019, respectively, and an unamortized premium of $2,555 and $3,243 at June 30, 2020 and December 31, 2019, respectively.

⁽⁵⁾ Includes unamortized discount of $4,679 and $5,043 at June 30, 2020 and December 31, 2019, respectively.

Series 2020 Bonds—On February 11, 2020, our subsidiary (“Jefferson”) issued Series 2020 Bonds in an aggregate principal amount of approximately $264.0 million (“Jefferson Refinancing”). The Series 2020 Bonds are designated as $184.9 million of Series 2020A Dock and Wharf Facility Revenue Bonds (the “Tax Exempt Series 2020A Bonds”), and $79.1 million of Series 2020B Taxable Facility Revenue Bonds (the “Taxable Series 2020B Bonds”).

The Tax Exempt Series 2020A Bonds maturing on January 1, 2035 ($53.5 million aggregate principal amount) bear interest at a fixed rate of 3.625%.

The Tax Exempt Series 2020A Bonds maturing on January 1, 2050 ($131.4 million aggregate principal amount) bear interest at a fixed rate of 4.00%.

The Taxable Series 2020B Bonds will mature on January 1, 2025 and bear interest at a fixed rate of 6.00%.

Jefferson used a portion of the net proceeds from this offering to refund, redeem and defease the Series 2012 Bonds, Series 2016 Bonds and Jefferson Revolver, and intends to use a portion of the net proceeds to pay for or reimburse the cost of development, construction and acquisition of certain facilities, to fund certain reserve and funded interest accounts related to the Series 2020 Bonds, and to pay for or reimburse certain costs of issuance of the Series 2020 Bonds.

Jefferson recognized a loss on extinguishment of debt of $4.7 million as a result of this transaction.

FTAI Pride Credit Agreement—During March 2020, we repaid the FTAI Pride Credit Agreement in full.

Revolving Credit Facility—On May 11, 2020, we entered into an amendment to the Revolving Credit Facility which, among other things, (i) permits the incurrence of additional secured indebtedness to finance the potential acquisition of certain aviation assets, subject to certain limitations, (ii) provides that, to the extent borrowings under the Existing Credit Agreement exceed $150 million, we will pledge certain aviation assets as additional collateral and (iii) incorporates certain other updates, including procedures by which the parties will select a replacement benchmark interest rate in the event that LIBOR is no longer available or appropriate as a reference rate upon which to determine the interest rate under the Existing Credit Agreement.

We were in compliance with all debt covenants as of June 30, 2020.