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Long-Term Debt | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated:
(in thousands) | September 30, 2023 |  | December 31, 2022
Fixed-rate debt and finance lease obligations due through 2032 | $ | 1,971,579 |  |  | $ | 1,720,998 |
Variable-rate debt due through 2029 | 314,419 |  |  | 375,980 |
Total debt and finance lease obligations | 2,285,998 |  |  | 2,096,978 |
Less current maturities | 265,979 |  |  | 152,900 |
Long-term debt and finance lease obligations, net of current maturities | $ | 2,020,019 |  |  | $ | 1,944,078 |
Weighted average fixed-interest rate on debt | 6.6% |  | 6.5%
Weighted average variable-interest rate on debt | 7.7% |  | 6.1%
|  |  |  |  | Interest Rate(s) Per Annum at |  | As of
(in thousands) | Maturity Dates |  | September 30, 2023 |  | September 30, 2023 |  | December 31, 2022
Senior secured notes | 2024 | — | 2027 |  | 7.25 | % | — | 8.50% |  | $ | 700,000 |  |  | $ | 700,000 |
Consolidated variable interest entities | 2024 | — | 2029 |  | 2.92 | % | — | 4.09% |  | 98,198 |  |  | 79,453 |
Revolving credit facilities | 2024 | — | 2027 |  | 7.93% |  | 195,098 |  |  | 30,327 |
Debt secured by aircraft, engines, other equipment and real estate | 2025 | — | 2031 |  | 1.87 | % | — | 8.11% |  | 503,731 |  |  | 466,335 |
Finance leases | 2028 | — | 2032 |  | 4.44 | % | — | 7.01% |  | 461,364 |  |  | 494,328 |
Construction loan agreement | 2028 |  | 5.75% |  | 350,000 |  |  | 350,000 |
Total debt |  |  |  |  | $ | 2,308,391 |  |  | $ | 2,120,443 |
Related costs |  |  |  |  |  |  |  |  | (22,393) |  |  | (23,465) |
Total debt net of related costs |  |  |  |  |  |  |  |  | $ | 2,285,998 |  |  | $ | 2,096,978 |
Maturities of long term debt as of September 30, 2023, for the next five years and thereafter, in the aggregate, are:
(in thousands) | As of September 30, 2023
Remaining in 2023 | $ | 28,587 |
2024 | 469,017 |
2025 | 176,767 |
2026 | 171,890 |
2027 | 704,870 |
2028 | 309,815 |
Thereafter | 425,052 |
Total debt and finance lease obligations, net of related costs | $ | 2,285,998 |
Secured Term Loan On September 27, 2023, the Company, through a wholly owned subsidiary, entered into a Credit Agreement with BNP Paribas and JSA International U.S. Holdings, LLC, under which the Company is entitled to borrow up to $412.1 million. On September 29, 2023, the Company received funding of $196.4 million under the facility, which is collateralized by seven Airbus A320 aircraft. The proceeds were used in part to pay off $112.8 million of existing debt previously collateralized by the same aircraft. The $196.4 million loans funded on September 29, 2023 bear interest at a fixed rate, are to be paid in quarterly installments of principal and interest, and mature on September 29, 2031. The remaining undrawn balance of the facility will be funded upon delivery of, and collateralized by, four 737 MAX aircraft currently on order from Boeing. Future draws collateralized by 737 MAX aircraft will bear interest at a rate determined at the time of drawdown, and will have a term of twelve years. Revolving Credit Facilities In February 2023, the Company, through a wholly owned subsidiary, entered into a credit agreement with Credit Agricole Corporate and Investment Bank, under which the Company is entitled to borrow up to $100.0 million. This revolving credit facility replaced a revolving credit facility with the same lender which was to expire in March 2023. The revolving credit facility has a maturity date of March 31, 2026 and the borrowing ability is based on the value of aircraft and engines placed into the collateral pool. The notes under the facility bear interest at a floating rate based on SOFR. As of September 30, 2023, the facility remains undrawn. During the nine months ended September 30, 2023, the Company received $164.8 million in advances on a pre-delivery payment (PDP) credit facility secured by the Company's Boeing aircraft purchase rights. The notes under the facility bear interest at a floating interest rate based on SOFR and mature on December 31, 2024 or upon delivery of the applicable aircraft. Consolidated Variable Interest Entities In February 2023, the Company, through a wholly owned subsidiary, entered into agreements with a trust to borrow $27.0 million secured by one Airbus A320 series aircraft. The trust was funded on inception. The borrowing bears interest at a fixed rate and is payable in monthly installments through February 2029, at which time the Company will have a purchase option at a fixed amount. Other Secured Debt In May 2023, the Company borrowed $92.7 million under a loan agreement secured by six Airbus A320 series aircraft. The notes bear interest at a fixed rate, payable in quarterly installments maturing in May 2028. Debt Extinguishment In June 2023, the Company made a $61.0 million prepayment to extinguish an aircraft-secured debt facility. The facility bore interest at a floating rate and had a maturity date of June 2024. In September 2023, the Company made a payment of $112.8 million to voluntarily pay off several debt instruments collateralized by aircraft. These debt instruments were all floating rate instruments with original maturity dates between May and October 2027.

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