LONG-TERM DEBT

3 Months Ended

Mar. 31, 2020

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


	March 31, 2020			December 31, 2019
Fixed-rate notes payable due through 2029	$	457		$	475
Variable-rate notes payable due through 2029	1,816			1,032
Less debt issuance costs	(11)			(8)
Total debt	2,262			1,499
Less current portion	1,059			235
Long-term debt, less current portion	$	1,203		$	1,264

Weighted-average fixed-interest rate	3.3		%	3.3		%
Weighted-average variable-interest rate	2.4		%	2.9		%

Approximately $694 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at March 31, 2020.

During the three months ended March 31, 2020, the Company obtained additional secured debt financing of $425 million from multiple lenders. The new debt is secured by a total of 25 aircraft. The Company also made scheduled debt payments of $60 million during the three months ended March 31, 2020.

At March 31, 2020 long-term debt principal payments for the next five years and thereafter are as follows (in millions):


	Total
Remainder of 2020	$	577
2021	706
2022	243
2023	173
2024	153
Thereafter	418
Total	$	2,270

Subsequent to quarter end, the Company obtained additional secured debt financing of $50 million. The new debt is secured by 2 aircraft.

Bank Lines of Credit

The Company has three credit facilities with capacity totaling $516 million as of March 31, 2020. All three facilities have variable interest rates based on LIBOR plus a specified margin. One credit facility for $250 million expires in June 2021 and is secured by aircraft. A second credit facility for $150 million expires in March 2022 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. The third credit facility for $116 million expires in July 2020, with a mechanism for annual renewal, and is secured by aircraft.

During the three months ended March 31, 2020, the Company drew $400 million on the first two existing facilities. The outstanding amount on both facilities is classified as short-term on the condensed consolidated balance sheet. The Company also has secured letters of credit against the $116 million facility. All three credit facilities have a requirement to maintain a minimum unrestricted cash and marketable securities balance of $500 million. The Company was in compliance with this covenant at March 31, 2020.