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Debt Obligations
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations consisted of the following:
September 30,
2023		December 31,
2022
(in thousands)
Credit facility at a floating rate of interest of one-month term Secured Overnight Financing Rate (“SOFR”) plus 1.75% at September 30, 2023, secured by engines. The facility has a committed amount of $1.0 billion at September 30, 2023, which revolves until the maturity date of June 2024
$730,000 $727,000 
WEST VI Series A 2021 term notes payable at a fixed rate of interest of 3.10%, maturing in May 2046, secured by engines and one airframe
255,305 262,779 
WEST VI Series B 2021 term notes payable at a fixed rate of interest of 5.44%, maturing in May 2046, secured by engines and one airframe
35,464 36,502 
WEST VI Series C 2021 term notes payable at a fixed rate of interest of 7.39%, maturing in May 2046, secured by engines and one airframe
12,945 14,738 
WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines
244,959 255,136 
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines
34,125 35,542 
WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines
11,395 13,314 
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines
217,765 238,072 
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines
30,777 36,386 
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines
182,991 209,061 
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines
24,729 30,255 
Note payable at a fixed rate of interest of 4.23%, maturing in July 2031, secured by an engine
17,825 — 
Note payable at a fixed rate of interest of 3.18%, maturing in July 2024, secured by an aircraft
1,759 3,304 
1,800,039 1,862,089 
Less: unamortized debt issuance costs(12,015)(14,811)
Total debt obligations$1,788,024 $1,847,278 

On October 31, 2023, the Company entered into Amendment No. 4 to the Fourth Amended and Restated Credit Agreement, which extended the maturity date of $500.0 million of its credit facility to June 2025. One-month term SOFR was 5.31% and the one-month London Interbank Offered Rate was 4.39% as of September 30, 2023 and December 31, 2022, respectively.

As it relates to the $17.8 million note payable that is secured by an engine, the Company has an option to repurchase the engine in July 2031 for $17.0 million.
Principal outstanding at September 30, 2023, is expected to be repayable as follows:

Year(in thousands)
2023$15,342 
2024789,963 
202558,732 
2026261,319 
2027183,396 
Thereafter491,287 
Total$1,800,039 

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 covenant obligations that relate to such items as liens, advances, changes in business, sales of assets, dividends and stock repurchases. Compliance with these covenants is tested either monthly, quarterly or annually, as required, and the Company was in full compliance with all financial covenant requirements at September 30, 2023.