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v3.25.1

Debt Financing | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt Financing | Debt Financing The Company’s consolidated debt as of March 31, 2025 and December 31, 2024 is summarized below:
| March 31, 2025 |  | December 31, 2024
| (in thousands)
Unsecured |  |  |
Senior unsecured securities | $ | 14,624,364 |  |  | $ | 16,046,662 |
Term financings | 3,807,900 |  |  | 3,628,600 |
Commercial paper | 888,500 |  |  | — |
Other revolving credit facilities | 200,000 |  |  | — |
Revolving Credit Facility | — |  |  | 170,000 |
Total unsecured debt financing | 19,520,764 |  |  | 19,845,262 |
Secured |  |  |
Term financings | 350,767 |  |  | 354,208 |
Export credit financing | 186,714 |  |  | 190,437 |
Total secured debt financing | 537,481 |  |  | 544,645 |
Total debt financing | 20,058,245 |  |  | 20,389,907 |
Less: Debt discounts and issuance costs | (167,362) |  |  | (179,922) |
Debt financing, net of discounts and issuance costs | $ | 19,890,883 |  |  | $ | 20,209,985 |
As of March 31, 2025, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test. At March 31, 2025 and December 31, 2024 the composite interest rate (excluding amortization of debt discounts and issuance costs) was 4.26% and 4.14%, respectively. Senior unsecured securities (including Medium-Term Note Program) As of March 31, 2025 and December 31, 2024, the Company had $14.6 billion and $16.0 billion in senior unsecured securities outstanding, respectively. Unsecured syndicated revolving credit facility As of March 31, 2025, the Company did not have any amounts outstanding under its unsecured syndicated revolving credit facility (the “Revolving Credit Facility”). As of December 31, 2024, the Company had $170.0 million outstanding 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. In April 2025, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, (i) added ALC Aircraft Financing Designated Activity Company, an indirect, wholly-owned subsidiary of the Company, as a borrower to the Revolving Credit Facility under a new tranche B revolving commitment totaling $250.0 million, (ii) extended the final maturity date from May 5, 2028 to May 5, 2029 and (iii) amended the total revolving commitments thereunder to approximately $8.2 billion as of May 5, 2025. As of May 5, 2025, lenders held revolving commitments totaling approximately $7.8 billion that mature on May 5, 2029, commitments totaling $125.0 million that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027 and commitments totaling $210.0 million that mature on May 5, 2026. Borrowings under the Revolving Credit Facility continue to accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to changes in the Company’s credit ratings. Unsecured other revolving credit facilities As of March 31, 2025, the outstanding balance on the Company’s other revolving credit facilities was $200.0 million, maturing on September 27, 2025 and bears interest at 3-month Term SOFR plus 1.25%. As of December 31, 2024, the Company did not have outstanding balances under its other revolving credit facilities. These facilities are not guaranteed and are available at the sole discretion of the lender, who has the right to modify or terminate the facilities at any time. Unsecured term financings In January 2025, the Company entered into a $100.0 million unsecured term loan with a one-year maturity bearing interest at a floating rate of 1-month Term SOFR plus 1.15% plus a credit spread adjustment of 0.10%. As of March 31, 2025 and December 31, 2024, the outstanding balance on the Company’s unsecured term financings was $3.8 billion and $3.6 billion, respectively. Secured debt financings As of March 31, 2025, the Company had an outstanding balance of $537.5 million in secured debt financings, and had pledged ten aircraft as collateral, with a net book value of $764.9 million. As of December 31, 2024, the Company had an outstanding balance of $544.6 million in secured debt financings and had pledged ten aircraft as collateral, with a net book value of $772.7 million. All of the Company’s secured obligations as of March 31, 2025 and December 31, 2024 were recourse in nature. Commercial paper program On January 21, 2025, the Company established a commercial paper program under which it may issue unsecured commercial paper up to a total of $2.0 billion outstanding at any time, with maturities of up to 397 days from the date of issue. The net proceeds from the issuance of commercial paper are used for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness. As of March 31, 2025, the Company had an outstanding balance of $888.5 million under its commercial paper program with a weighted average interest rate of 4.86% and a weighted average maturity of less than one month. Maturities Maturities of debt outstanding as of March 31, 2025 are as follows (in thousands):
Years ending December 31, |
2025 | $ | 2,526,995 |
2026 | 5,991,041 |
2027 | 3,792,676 |
2028 | 3,099,656 |
2029 | 1,071,769 |
Thereafter | 3,576,108 |
Total | $ | 20,058,245 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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