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Debt Obligations
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations consisted of the following:
June 30,
2024		December 31,
2023
(in thousands)
Credit facility at a floating rate of interest of one-month term Secured Overnight Financing Rate (“SOFR”) plus 3.10%, secured by engines, airframes, and loan assets. The facility has a committed amount of $500.0 million at June 30, 2024, which revolves until the maturity date of June 2025.
$412,155 $353,000 
WEST VII Series A 2023 term notes payable at a fixed rate of interest of 8.00%, maturing in October 2048, secured by engines, airframes, and loan assets
390,682 406,894 
WEST VI Series A 2021 term notes payable at a fixed rate of interest of 3.10%, maturing in May 2046, secured by engines, airframes, and loan assets
248,147 252,986 
WEST VI Series B 2021 term notes payable at a fixed rate of interest of 5.44%, maturing in May 2046, secured by engines, airframes, and loan assets
34,469 35,142 
WEST VI Series C 2021 term notes payable at a fixed rate of interest of 7.39%, maturing in May 2046, secured by engines, airframes, and loan assets
11,186 12,361 
WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines
233,041 240,371 
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines
32,464 33,485 
WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines
9,399 10,695 
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines
206,002 212,157 
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines
28,181 29,024 
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines
168,276 175,705 
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines
22,594 23,592 
Willis Warehouse Facility LLC (“WWFL”) credit facility at a floating rate of interest of one-month term SOFR, plus 2.25%, maturing in May 2029, secured by engines, airframes, and loan assets
115,160 — 
Note payable at a fixed rate of interest of 5.00%, maturing in February 2033, secured by an engine
20,914 — 
Note payable at a fixed rate of interest of 4.59%, maturing in November 2032, secured by an engine
22,355 22,610 
Note payable at a fixed rate of interest of 4.23%, maturing in June 2032, secured by an engine
17,757 17,802 
Note payable at a fixed rate of interest of 3.18%, maturing in July 2024, secured by an aircraft
175 1,235 
1,972,957 1,827,059 
Less: unamortized debt issuance costs and note discounts(26,196)(24,178)
Total debt obligations$1,946,761 $1,802,881 

The Company plans to extend the maturity date of its credit facility that matures in June 2025 prior to this date through an amendment to the credit agreement. One-month term SOFR was 5.33% and 5.38% as of June 30, 2024 and December 31, 2023, respectively.

In May 2024, WWFL, a wholly-owned subsidiary of the Company, entered into a secured credit agreement. The credit agreement provides for a five-year non-recourse, senior secured warehouse credit facility with an availability period of two years and an initial committed amount of up to $500.0 million.

As it relates to the $20.9 million, $22.4 million, and $17.8 million notes payable resulting from failed sale-leaseback transactions that are secured by engines, the Company has options to repurchase the engines in March 2032 for $18.4 million, January 2032 for $17.7 million, and July 2031 for $17.0 million, respectively.
Principal outstanding at June 30, 2024 is expected to be repayable as follows:

Year(in thousands)
2024$36,005 
2025483,844 
2026270,922 
2027193,331 
2028239,289 
Thereafter749,566 
Total$1,972,957 

Virtually all of the above debt requires ongoing compliance with certain financial covenants, including debt/equity ratios, minimum interest coverage ratios, and other eligibility criteria including asset type, 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 June 30, 2024.