LONG-TERM DEBT

Long-term debt obligations on the consolidated balance sheet (in millions):



	September 30, 2012			December 31, 2011
Fixed-rate notes payable due through 2024	$	864.4		$	1,002.5
Variable-rate notes payable due through 2023	201.7			304.4
Long-term debt	1,066.1			1,306.9
Less current portion	167.2			207.9
	$	898.9		$	1,099.0

Weighted-average fixed-interest rate	5.8		%	5.8		%
Weighted-average variable-interest rate	2.0		%	1.9		%

All of the Company’s borrowings are secured by aircraft, but only one aircraft debt agreement secured by an aircraft has a loan-to-value covenant. As of September 30, 2012, the Company was in compliance with this covenant and expects to retire this debt by December 31, 2012.

During the nine months ended September 30, 2012, the Company made scheduled debt payments of $137.4 million and prepaid the full debt balance on seven outstanding aircraft debt agreements of $102.5 million.

At September 30, 2012, long-term debt principal payments for the next five years and thereafter are as follows (in millions):



	Total
Remainder of 2012	$	34.1
2013	160.9
2014	117.1
2015	113.4
2016	110.6
Thereafter	530.0
Total principal payments	$	1,066.1

Bank Line 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 are secured by aircraft. Borrowings on the other $100 million facility, which expires in March 2016, are secured by certain accounts receivable, spare engines, spare parts and ground service equipment. During the third quarter of 2012, the Company modified the first facility to extend the term from March 2013 to August 2015 and reduce 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, 2012.