
	Contractual Weighted Avg Interest Rate⁽¹⁾	Maturity Range⁽¹⁾						September 30, 2020		December 31, 2019
			From		To
Institutional notes	4.57%	Jun 2021		Jun 2029		$	1,694,171	$	1,957,557
Asset-backed securitization term notes	2.07%	Aug 2023		May 2030		2,986,912		2,719,206
Term loan facility	1.65%	Nov 2023		Nov 2023		860,000		1,200,375
Asset-backed securitization warehouse	1.91%	Dec 2025		Dec 2025		195,000		370,000
Revolving credit facilities	1.75%	Sep 2023		Jul 2024		716,000		410,000
Finance lease obligations	4.93%	Feb 2024		Feb 2024		17,852		27,024
Total debt outstanding						6,469,935		6,684,162
Unamortized debt costs						(41,741)		(39,781)
Unamortized debt premiums & discounts						(630)		(4,065)
Unamortized fair value debt adjustment						1,870		(8,791)
Debt, net of unamortized costs						$	6,429,434	$	6,631,525

The fair value of total debt outstanding was $6,563.3 million and $6,747.8 million as of September 30, 2020 and December 31, 2019, respectively, and was measured using Level 2 inputs.

As of September 30, 2020, the maximum borrowing levels for the Asset-backed Securitization ("ABS") warehouse and the revolving credit facility are $800.0 million and $1,560.0 million, respectively. These facilities are governed by borrowing bases that limit borrowing capacity to an established percentage of relevant assets. As of September 30, 2020, the availability under these credit facilities without adding additional container assets to the borrowing base was approximately $724.1 million.

The Company is subject to certain financial covenants under its debt agreements. The agreements remain the obligations of the respective subsidiaries, and all related debt covenants are calculated at the subsidiary level. As of September 30, 2020 and December 31, 2019, the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements.

The Company hedges the risks associated with fluctuations in interest rates on a portion of its floating-rate debt by entering into interest rate swap agreements that convert a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of September 30, 2020 (in thousands):


	Balance Outstanding	Contractual Weighted Avg Interest Rate	Maturity Range			Weighted Avg Remaining Term
				From	To
Excluding impact of derivative instruments:
Fixed-rate debt	$4,023,149	3.19%	Jun 2021	May 2030	4.3 years
Floating-rate debt	$2,446,786	1.72%	Aug 2023	Dec 2025	3.1 years

Including impact of derivative instruments:
Fixed-rate debt	$4,023,149	3.19%
Hedged floating-rate debt	1,805,599	3.56%
Total fixed and hedged debt	5,828,748	3.31%
Unhedged floating-rate debt	641,187	1.72%
Total	$6,469,935	3.15%

On September 21, 2020, the Company extinguished a term loan and paid the outstanding balance of $264.9 million. As a result, the Company wrote off $0.3 million of debt related costs.

Date

Total Offering

Contractual Weighted Avg Interest Rate

Expected Maturity

August 26, 2020

$312.9 Million

2.17%

Feb 2028

September 21, 2020

$1,365.8 Million

2.19%

May 2030

September 21, 2020

$634.4 Million

2.13%

May 2029

Concurrently with the issuance of the notes described above, the Company used most of the proceeds from these issuances to call three existing ABS notes that had an outstanding principal amount of $1,783.1 million. As a result of this prepayment, the Company paid a prepayment penalty of $1.8 million and wrote off $22.3 million of debt related costs.

In accordance with the institutional note agreements, interest payments on the Company's institutional notes are due semi-annually. Institutional note maturities typically range from 7 - 12 years, with level principal payments due annually following an interest-only period. The Company's institutional notes are pre-payable (in whole or in part) at the Company's option at any time, subject to certain provisions in the note agreements, including the payment of a make-whole premium in respect to such prepayment. These facilities provide for an advance rate against the net book values of designated eligible equipment.

Under the Company's ABS facilities, indirect wholly-owned subsidiaries of the Company issue ABS notes. These subsidiaries are intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

The Company’s borrowings under the ABS facilities amortize in monthly installments, typically in level payments over five or more years. These facilities provide for an advance rate against the net book values of designated eligible equipment. The net book values for purposes of calculating eligible equipment is determined according to the related debt agreement and may be different than those calculated per U.S. GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to three to nine months of interest expense depending on the terms of each facility.

The term loan facility amortizes in quarterly installments. This facility provides for an advance rate against the net book values of designated eligible equipment.

Under the Company’s asset-backed warehouse facility, an indirect wholly-owned subsidiary of the Company issues ABS notes. This subsidiary is intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

The Company's asset-backed warehouse facility has a borrowing capacity of $800.0 million that is available on a revolving basis until December 13, 2021, paying interest at LIBOR plus 1.75%, after which any borrowings will convert to term notes with a maturity date of December 15, 2025, paying interest at LIBOR plus 2.85%.

During the revolving period, the borrowing capacity under this facility is determined by applying an advance rate against the net book values of designated eligible equipment. The net book values for purposes of calculating eligible equipment are determined according to the related debt agreement and may be different than those calculated per U.S. GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to three months of interest expense.

The revolving credit facilities have a maximum borrowing capacity of $1,560.0 million. These facilities provide for an advance rate against the net book values of designated eligible equipment.