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Corporate Debt
 12 Months Ended
Dec. 31, 2012
Corporate Debt [Abstract]  
Corporate Debt

NOTE 13 – Corporate Debt

The following table summarizes our corporate debt as of December 31, 2012 and 2011 (in thousands):

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

 

 

6.70% senior notes, due 2022 (1)

 

$ 
175,000 

 

$

—

 

5.375% senior notes, due 2022 (2)

 

 
150,000 

 

 

—

 

Non-recourse debt, 6.75%, due 2016 (3)

 

 
58,992 

 

 

—

 

 

 

$ 
383,992 

 

$

—

 

 

 

 

 

 

 

 

 

(1)  In January 2012, we sold in a registered underwritten public offering, $175.0 million in aggregate principal amount of 6.70% senior notes due January 2022. Interest on these senior notes is payable quarterly in arrears. On or after January 15, 2015, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date.

(2)  In December 2012, we sold in a registered underwritten public offering, $150.0 million in aggregate principal amount of 5.375% senior notes due December 2022. Interest on these senior notes is payable quarterly in arrears. On or after December 31, 2015, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date.

(3)  On December 17, 2012, we issued $60.0 million principal in non-recourse debt for the purpose of acquiring East Shore Aircraft LLC. Interest on the non-recourse debt is payable monthly. We are required to redeem some of the non-recourse debt as each aircraft is sold at the various lease expiration dates. We will collect 100% of the monthly lease payments with approximately 65% allocated to pay interest first then principal on non-recourse debt. In addition, as each aircraft is sold at the various lease expiration dates a portion of the proceeds will be applied to the principal balance of the non-recourse debt.

Our corporate debt matures as follows, based upon its contractual terms:

 

 

 

 

 

 

 

 

Non-recourse debt

 

Senior notes

 

2013

$
11,430 

 

 

—

 

2014

 
16,414 

 

 

—

 

2015

 
24,383 

 

 

—

 

2016

 
6,765 

 

 

—

 

2017

 

—

 

 

—

 

Thereafter

 

—

 

 
325,000 

 

 

$
58,992 

 

 
325,000