LONG-TERM DEBT

Long-term debt obligations were as follows (in millions):



	June 30, 2011		December 31, 2010
Fixed-rate notes payable due through 2024	$	1,148.0	$	1,233.6
Variable-rate notes payable due through 2024	260.8		300.6
Long-term debt	1,408.8		1,534.2
Less current portion	253.9		221.2
	$	1,154.9	$	1,313.0

During the first six months of 2011, the Company had no new debt borrowings and made scheduled debt payments of $73.6 million. In addition, the Company prepaid the full debt balance on two outstanding aircraft debt agreements totaling $51.8 million. Subsequent to June 30, 2011, the Company borrowed approximately $106 million for six of the Q400 aircraft delivered in the first six months of 2011. The Company plans to use the proceeds to pay down an equivalent amount of existing debt and has prepaid $85.5 million subsequent to the end of the second quarter through the date of this filing. The Company expects to prepay another $12 million to $15 million in the fourth quarter. In connection with the debt prepayment, we expect to incur costs of approximately $6 million.

Bank Lines of Credit

The Company has two $100 million credit facilities. Both facilities have variable interest rates based on LIBOR plus a specified margin. Borrowings on one of the $100 million facilities, which expires in March 2013, are secured by aircraft. Borrowings on the other $100 million facility, which expires in March 2014, are secured by certain accounts receivable, spare engines, spare parts and ground service equipment. The Company has no immediate plans to borrow using either of these facilities. These facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million. The Company is in compliance with this covenant at June 30, 2011.