LONG-TERM DEBT

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



	September 30, 2011		December 31, 2010
Fixed-rate notes payable due through 2024	$	1,063.0	$	1,233.6
Variable-rate notes payable due through 2024	329.4		300.6
Long-term debt	1,392.4		1,534.2
Less current portion	213.6		221.2
	$	1,178.8	$	1,313.0

During the first nine months of 2011, the Company made scheduled debt payments of $111.0 million. In addition, the Company prepaid the full debt balance on seven outstanding aircraft debt agreements totaling $137.3 million. In the third quarter of 2011, the Company borrowed approximately $106.5 million for six of the Q400 aircraft delivered in the first six months of 2011. The Company expects to prepay another $12.5 million in the fourth quarter.

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 are secured by certain accounts receivable, spare engines, spare parts and ground service equipment. During the third quarter of 2011, we modified the second facility by extending the term from March 2014 to March 2016 and reduced the commitment fee. 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 September 30, 2011.