Debt Obligations

3 Months Ended

Mar. 31, 2021

Debt obligations consisted of the following:


	March 31, 2021		December 31, 2020
	(in thousands)
Credit facility at a floating rate of interest of one-month LIBOR plus 1.75% at March 31, 2021, secured by engines. The facility has a committed amount of $1.0 billion at March 31, 2021, which revolves until the maturity date of June 2024	$	817,000	$	777,000
WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines	283,533		286,863
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines	39,395		39,855
WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines	18,617		19,043
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines	275,042		277,481
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines	39,476		39,640
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines	224,401		227,138
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines	32,195		32,481
Note payable at three-month LIBOR plus a margin ranging from 1.85% to 2.50% at March 31, 2021, maturing in July 2022, secured by engines	5,843		6,138
Note payable at a fixed rate of interest of 3.18%, maturing in July 2024, secured by an aircraft	6,767		7,247
	1,742,269		1,712,886
Less: unamortized debt issuance costs	(18,139)		(19,133)
Total debt obligations	$	1,724,130	$	1,693,753

One-month LIBOR was 0.11% and 0.14% as of March 31, 2021 and December 31, 2020, respectively. Three-month LIBOR was 0.19% and 0.24% as of March 31, 2021 and December 31, 2020, respectively.

Principal outstanding at March 31, 2021, is expected to be repayable as follows:


Year	(in thousands)
2021	$	40,560
2022	57,341
2023	52,469
2024	868,636
2025	50,401
Thereafter	672,862
Total	$	1,742,269

Virtually all of the above debt requires ongoing compliance with certain financial covenants, 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, 2021.