
	June 30, 2020			December 31, 2019
Fixed-rate notes payable due through 2029	$	446		$	475
Fixed-rate PSP notes payable due through 2030	276			—
Variable-rate notes payable due through 2029	1,925			1,032
Less debt issuance costs	(11)			(8)
Total debt	2,636			1,499
Less current portion	1,087			235
Long-term debt, less current portion	$	1,549		$	1,264

Weighted-average fixed-interest rate	2.4		%	3.3		%
Weighted-average variable-interest rate	2.0		%	2.9		%

Approximately $666 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at June 30, 2020.

During the six months ended June 30, 2020, the Company obtained additional secured debt financing of $589 million from multiple lenders. The new debt is secured by a total of 32 aircraft. The Company also made scheduled debt payments of $125 million during the six months ended June 30, 2020.

The $276 million PSP note is an unsecured senior term loan with a 10-year term, bearing an interest rate of 1% in years 1 through 5, and an interest rate equal to the Secured Overnight Financing Rate (SOFR) plus 2% in years 6 through 10. The loan is prepayable at par at any time. Alaska and Horizon PSP proceeds were deposited into an account which will be drawn down over time for payroll expenses. That account and the balance of the proceeds will serve as the only collateral for the loan.

At June 30, 2020 long-term debt principal payments for the next five years and thereafter are as follows (in millions):


	Total
Remainder of 2020	$	529
2021	742
2022	281
2023	245
2024	153
Thereafter	695
Total	$	2,645

Subsequent to quarter end, the Company obtained $1.2 billion in private funding through the issuance of Enhanced Equipment Trust Certificates (EETC). The EETCs are collateralized by 42 Boeing 737 aircraft and 19 Embraer E175 aircraft.

Bank Lines of Credit

The Company has three credit facilities with capacity totaling $516 million, and availability of $509 million, as of June 30, 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 with capacity of $150 million and availability of $143 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 six months ended June 30, 2020, the Company drew $400 million on the first two existing facilities. In the second quarter, the Company repaid $7 million on the second credit facility. The Company has drawn the full availability of both facilities, and the outstanding balance 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 June 30, 2020.

Line of Credit Facility, Current Borrowing Capacity

$ 509,000,000

Subsequent Event [Member]