
	June 30, 2021			December 31, 2020
Fixed-rate notes payable due through 2029	$	180		$	198
Fixed-rate PSP notes payable due through 2031	600			290
Fixed-rate EETC payable due through 2025 & 2027	1,116			1,174
Variable-rate notes payable due through 2029	1,315			1,866
Less debt issuance costs and unamortized debt discount	(23)			(33)
Total debt	3,188			3,495
Less current portion	869			1,138
Long-term debt, less current portion	$	2,319		$	2,357

Weighted-average fixed-interest rate	3.7		%	4.3		%
Weighted-average variable-interest rate	1.6		%	1.9		%

Approximately $562 million of the Company's total variable-rate notes payable are effectively fixed via interest rate swaps at June 30, 2021, resulting in an effective weighted-average interest rate for the full debt portfolio of 3.1%.

During the six months ended June 30, 2021, the Company issued $363 million of debt, comprised of $311 million of unsecured loans from the PSP and $54 million in proceeds from issuance of debt. Debt proceeds were offset by $681 million in debt

payments. Included within total debt payments is the full repayment of the $135 million loan from the U.S. Treasury made available under the CARES Act and the $363 million outstanding balance on two credit facilities.

The $600 million PSP notes are unsecured senior term loans 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 PSP notes are prepayable at par without penalty.

CARES Act

In 2020, the Company finalized an agreement with the Treasury to obtain up to $1.9 billion via a secured term loan facility. Obligations under the loan agreement were secured by assets related to, and revenues generated by, Alaska's Mileage PlanTM frequent flyer program, as well as by 30 aircraft and 15 spare engines. In 2020, the Company drew $135 million under the agreement, which was used for certain general corporate purposes and operating expenses in accordance with the terms and conditions of the loan agreement and the applicable provisions of the CARES Act. The full balance was repaid in the second quarter of 2021. In accordance with the related agreement, the facility terminated at the time of payment.

Debt Maturity

At June 30, 2021 long-term debt principal payments for the next five years and thereafter are as follows (in millions):


	Total
Remainder of 2021	$	227
2022	796
2023	334
2024	240
2025	261
Thereafter	1,353
Total	$	3,211

Bank Lines of Credit

The Company has three credit facilities with availability totaling $486 million as of June 30, 2021, resulting from the second quarter 2021 repayment of $363 million. One of the credit facilities for $150 million expires in March 2022 and is secured by certain accounts receivable, spare engines, spare parts and ground service equipment. The second credit facility for $250 million expires in June 2024 and is secured by aircraft. These two facilities have variable interest rates based on LIBOR plus a specified margin. A third credit facility for $86 million expires in June 2022 and is secured by aircraft.

The Company has secured letters of credit against the third facility, but has no plans to borrow using either of the other two facilities. All 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, 2021.

Line of Credit Facility, Maximum Borrowing Capacity

$ 486

Fixed rate notes payable due through 2029 [Member]