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Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
As of June 30, 2022, the principal amount of our outstanding indebtedness totaled $48.2 billion, which excluded debt issuance costs, debt discounts and debt premium of $308 million, and our undrawn lines of credit were $10.6 billion, availability of which is subject to certain conditions, including compliance with certain financial covenants. As of June 30, 2022, we remained in compliance with the financial covenants across our various debt obligations.
The following table provides a summary of our indebtedness as of June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
Debt obligationCollateral (number of aircraft and helicopters)CommitmentUndrawn amountsAmount outstandingWeighted average interest rate (a)MaturityAmount outstanding
Unsecured
ILFC Legacy Notes$750,000 $— $750,000 5.88 %2022$1,034,274 
AerCap Trust (b) & AICDC (c)
    Notes
33,300,000 — 33,300,000 3.05 %204134,167,202 
Revolving credit facilities (d)9,034,000 9,034,000 — — 2025— 
Other unsecured debt1,627,500 — 1,627,500 2.88 %20241,874,000 
Fair value adjustment— — 612 4,210 
TOTAL UNSECURED$44,711,500 $9,034,000 $35,678,112 $37,079,686 
Secured
Export credit facilities (e)42 1,187,353 — 1,187,353 2.10 %20331,276,557 
Institutional secured term loans
   & secured portfolio loans
256 7,762,122 — 7,762,122 3.74 %20328,428,534 
AerFunding Revolving Credit
    Facility
26 2,075,000 1,324,574 750,426 3.25 %2027783,488 
Other secured debt (f)18 869,713 290,750 578,963 4.09 %2039700,842 
Fair value adjustment— — 1,940 2,361 
TOTAL SECURED$11,894,188 $1,615,324 $10,280,804 $11,191,782 
Subordinated
Subordinated Notes
2,250,000 — 2,250,000 5.60 %20792,250,000 
Subordinated debt issued by VIEs
27,219 — 27,219 — 202627,219 
Fair value adjustment— — (214)(215)
TOTAL SUBORDINATED$2,277,219 $— $2,277,005 $2,277,004 
Debt issuance costs, debt discounts and debt premium
(308,034)(343,794)
342 $58,882,907 $10,649,324 $47,927,887 $50,204,678 
(a)The weighted average interest rate for our floating rate debt of $8.6 billion is calculated based on the U.S. dollar LIBOR or SOFR rate, as applicable, as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs, debt discounts and debt premium. The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives.
(b)AerCap Global Aviation Trust, a Delaware Statutory Trust (“AerCap Trust”).
(c)AerCap Ireland Capital Designated Activity Company, a designated activity company with limited liability incorporated under the laws of Ireland (“AICDC”).
(d)Asia Revolver and Citi Revolvers (the “Revolving credit facilities”).
(e)An additional $0.8 billion of commitment has been approved by the Export Credit Agencies, subject to customary conditions at drawdown.
(f)In addition to the 18 aircraft, 74 engines are pledged as collateral.
Additional details of the principal terms of our indebtedness can be found in our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on March 30, 2022. The material changes to our indebtedness since the filing of that report, except for scheduled repayments, are described below.
AerFunding Revolving Credit Facility
In April 2006, AerFunding entered into a non-recourse senior secured revolving credit facility. In March 2022, AerFunding amended this facility, extending the revolving period to September 2024, following which there is a 30-month term-out period. The final maturity date of the AerFunding Revolving Credit Facility is March 2027.
AerCap Trust & AICDC Notes
On May 25, 2022, AerCap Trust and AICDC completed the redemption of all $500.0 million outstanding aggregate principal amount of their 4.625% Senior Notes due 2022.