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Debt Financing | 9 Months Ended
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Sep. 30, 2020
Debt Financing |
Debt Financing | Note 3. Debt Financing ​ The Company’s consolidated debt as of September 30, 2020 and December 31, 2019 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ |  | 2020 |  | 2019
Unsecured | ​ | ​ | ​ | ​ | ​ | ​
Senior notes | ​ | $ | 14,069,115 | ​ | $ | 12,357,811
Term financings | ​ |  | 967,000 | ​ |  | 883,050
Revolving credit facility | ​ |  | — | ​ |  | 20,000
Total unsecured debt financing | ​ |  | 15,036,115 | ​ |  | 13,260,861
Secured | ​ | ​ | ​ | ​ | ​ | ​
Term financings | ​ |  | 289,207 | ​ |  | 428,824
Export credit financing | ​ |  | 26,619 | ​ |  | 31,610
Total secured debt financing | ​ |  | 315,826 | ​ |  | 460,434
​ | ​ | ​ | ​ | ​ | ​ | ​
Total debt financing | ​ |  | 15,351,941 | ​ |  | 13,721,295
Less: Debt discounts and issuance costs | ​ |  | (171,796) | ​ |  | (142,429)
Debt financing, net of discounts and issuance costs | ​ | $ | 15,180,145 | ​ | $ | 13,578,866
​ The Company’s secured obligations as of September 30, 2020 and December 31, 2019 are summarized below (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ | ​ | 2020 | ​ | 2019
Nonrecourse | ​ | $ | — | ​ | $ | 128,460
Recourse | ​ |  | 315,826 | ​ |  | 331,974
Total secured debt financing | ​ | $ | 315,826 | ​ | $ | 460,434
Number of aircraft pledged as collateral | ​ |  | 12 | ​ |  | 15
Net book value of aircraft pledged as collateral | ​ | $ | 636,566 | ​ | $ | 890,693
​ Senior unsecured notes (including Medium-Term Note Program) ​ As of September 30, 2020, the Company had $14.1 billion in senior unsecured notes outstanding. As of December 31, 2019, the Company had $12.4 billion in senior unsecured notes outstanding. ​ During the nine months ended September 30, 2020, the Company issued approximately $3.0 billion in aggregate principal amount of Medium-Term Notes comprised of (i) $750.0 million due 2025 at a fixed rate of 2.30%, (ii) $650.0 million due 2030 at a fixed rate of 3.00%, (iii) $850.0 million due 2025 at a fixed rate of 3.375% and (iv) $700.0 million due 2026 at a fixed rate of 2.875%. ​ During the nine months ended September 30, 2020, the Company repurchased $206.1 million in aggregate principal amount of Floating Rate Medium-Term Notes due 2021. The debt repurchases resulted in a gain of $14.0 million and is included in Aircraft sales, trading and other revenue in the Company’s Consolidated Statements of Income and Comprehensive Income. ​ Unsecured revolving credit facility ​ As of September 30, 2020, the Company did not have any amounts outstanding under its unsecured revolving credit facility. The total amount outstanding under the Company’s unsecured revolving credit facility was $20.0 million as of December 31, 2019. ​ The Company has an unsecured revolving credit facility with JPMorgan Chase Bank, N.A. as agent (the “Revolving Credit Facility”). During the nine months ended September 30, 2020, the Company increased the aggregate capacity of the Revolving Credit Facility by $250.0 million. On May 5, 2020, commitments totaling $92.7 million of the Revolving Credit Facility matured. Lenders hold revolving commitments totaling approximately $5.5 billion that mature on May 5, 2023, commitments totaling $245.0 million that mature on May 5, 2022 and commitments totaling $5.0 million that mature on May 5, 2021. As of September 30, 2020, the aggregate capacity of the Revolving Credit Facility was approximately $6.0 billion. ​ As of September 30, 2020, borrowings under the Revolving Credit Facility will generally bear interest at either (a) LIBOR plus a margin of 1.05% per year or (b) an alternative base rate plus a margin of 0.05% per year, subject, in each case, to increases or decreases based on declines in the credit ratings for the Company’s debt. The Company is required to pay a facility fee of 0.20% per year (also subject to increases or decreases based on declines in the credit ratings for the Company’s debt) in respect of total commitments under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. ​ Secured debt financing ​ In June 2020, the Company entered into an amendment to its secured warehouse facility to extend the final maturity to June 2021. The facility will continue to bear a floating interest rate of LIBOR plus 2.00%. As part of the amendment, the credit facility was converted to full recourse against the Company and excess cash collateral was released. The outstanding balance on the Company’s secured warehouse facility was $100.4 million and $128.5 million as of September 30, 2020 and December 31, 2019, respectively. ​ As of September 30, 2020, the outstanding balance on the Company’s secured debt financings, including its secured warehouse facility and its export credit financing, was $315.8 million and it had pledged 12 aircraft as collateral with a net book value of $636.6 million. As of December 31, 2019, the outstanding balance on the Company’s secured debt financings, including its secured warehouse facility and its export credit financing, was $460.4 million and it had pledged 15 aircraft as collateral with a net book value of $890.7 million. ​ Maturities ​ Maturities of debt outstanding as of September 30, 2020 are as follows (in thousands): ​
​ | ​ | ​ | ​
Years ending December 31, |  | ​
2020 | ​ | $ | 172,778
2021 | ​ |  | 1,934,141
2022 | ​ |  | 2,730,561
2023 | ​ |  | 2,502,123
2024 | ​ |  | 1,525,428
Thereafter | ​ |  | 6,486,910
Total | ​ | $ | 15,351,941
​

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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