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Long-Term Debt
3 Months Ended
Mar. 31, 2019
Long-Term Debt  
Long-Term Debt

Note 8 — Long-Term Debt

 

Long-term debt consisted of the following as of March 31, 2019 and December 31, 2018 (in thousands):

 

 

 

 

 

 

 

 

March 31, 2019

 

December 31, 2018

Current portion of long-term debt

$

366,583

 

$

354,072

Current portion of unamortized debt issue cost, net

 

(3,786)

 

 

(3,866)

Current portion of long-term debt, net of debt issue costs

$

362,797

 

$

350,206

 

 

 

 

 

 

Long-term debt, net of current maturities

$

2,755,078

 

$

2,831,366

Long-term portion of unamortized debt issue cost, net

 

(20,761)

 

 

(21,598)

Long-term debt, net of current maturities and debt issue costs

$

2,734,317

 

$

2,809,768

 

 

 

 

 

 

Total long-term debt (including current portion)

$

3,121,661

 

$

3,185,438

Total unamortized debt issue cost, net

 

(24,547)

 

 

(25,464)

Total long-term debt, net of debt issue costs

$

3,097,114

 

$

3,159,974

 

During the three months ended March 31, 2019, the Company took delivery of one E175 aircraft that the Company financed through $19.9 million of long-term debt. Additionally, the Company purchased two previously-leased aircraft, for which the Company assumed $14.5 million of long-term debt.  The debt associated with the one E175 aircraft has a 12-year term, is due in quarterly installments with a fixed annual interest rate of 3.9% and is secured by the E175 aircraft. The Company acquired two aircraft pursuant to the acquisition of debt under the existing leases during the three months ended March 31, 2019. The debt associated with the two previously-leased aircraft has a term of 18 months with monthly interest only payments with a fixed annual interest rate of 2.0% and is secured by the previously-leased aircraft.

 

As of March 31, 2019 and December 31, 2018, the Company had $80.0 million and $78.7 million, respectively, in letters of credit and surety bonds outstanding with various banks and surety institutions.