XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.19.1

Debt Obligations | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations Debt obligations consisted of the following:
| March 31, 2019 |  | December 31, 2018
| (in thousands)
Credit facility at a floating rate of interest of one-month LIBOR plus 1.5% at March 31, 2019, secured by engines. The facility has a committed amount of $890.0 million at March 31, 2019, which revolves until the maturity date of April 2021 | $ | 392,000 |  |  | $ | 427,000 |
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines | 319,390 |  |  | 323,075 |
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines | 45,627 |  |  | 46,154 |
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines | 270,901 |  |  | 274,205 |
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines | 38,740 |  |  | 39,212 |
WEST II Series A 2012 term notes payable at a fixed rate of interest of 5.50%, maturing in September 2037, secured by engines | 232,409 |  |  | 237,847 |
Note payable at three-month LIBOR plus a margin ranging from 1.85% to 5.25% at March 31, 2019, maturing in July 2022, secured by engines | 8,120 |  |  | — |
Note payable at fixed interest rates ranging from 2.60% to 2.97%, maturing in July 2024, secured by an aircraft | 10,483 |  |  | 10,937 |
| 1,317,670 |  |  | 1,358,430 |
Less: unamortized debt issuance costs | (19,834 | ) |  | (21,081 | )
Total debt obligations | $ | 1,297,836 |  |  | $ | 1,337,349 |
Principal outstanding at March 31, 2019, is repayable as follows:
Year |  | (in thousands)
2019 |  | $ | 42,333 |
2020 |  | 56,128 |
2021 (includes $392.0 million outstanding on revolving credit facility) |  | 448,418 |
2022 (includes $163.1 million outstanding on WEST II Series A 2012 term notes) |  | 212,671 |
2023 |  | 34,008 |
Thereafter |  | 524,112 |
Total |  | $ | 1,317,670 |
The Company maintains a revolving credit facility to finance the acquisition of commercial aircraft and aircraft engines and related aircraft equipment for lease as well as for general working capital purposes. The $890 million revolving credit facility has an accordion feature which would expand the entire credit facility up to $1 billion. The interest rate is adjusted quarterly, based on the Company’s leverage ratio, as calculated under the terms of the revolving credit facility. On February 28, 2019, the Company closed on a loan with a maturity date of July 2022 totaling $8.1 million. Interest is payable at three-month LIBOR plus a margin ranging from 1.85% to 5.25% and principal and interest are paid quarterly. The loan is secured by two engines. Virtually all of the above debt requires ongoing compliance with the covenants of each financing, including debt/equity ratios, minimum tangible net worth and minimum interest coverage ratios, and other eligibility criteria including customer and geographic concentration restrictions. The Company also has certain negative financial covenants such as liens, advances, change in business, sales of assets, dividends and stock repurchases. These covenants are tested either monthly or quarterly and the Company was in full compliance with all financial covenant requirements at March 31, 2019.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration