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Long-Term Debt and Other Borrowings (Tables) | 12 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt as of September 30, 2020 and 2019, consisted of the following (in thousands):
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |
Notes payable to financial institution, collateralized by the underlying aircraft, due 2022(1)(2) |  | $ | 41,472 |  |  | $ | 49,795 |
Notes payable to financial institution, collateralized by the underlying aircraft, due 2024(3) |  |  | 55,674 |  |  |  | 60,761 |
Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2027(4) |  |  | 105,887 |  |  |  | 110,912 |
Notes payable to secured parties, collateralized by the underlying aircraft, due 2028(5) |  |  | 172,137 |  |  |  | 191,168 |
Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2028(6) |  |  | 138,114 |  |  |  | 152,945 |
Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022(7) |  |  | 47,319 |  |  |  | 71,998 |
Senior and subordinated notes payable to secured parties, collateralized by the underlying aircraft, due 2022(8) |  |  | 29,682 |  |  |  | 47,309 |
Notes payable to financial institution, collateralized by the underlying equipment, due 2020(9) |  |  | — |  |  |  | 1,659 |
Notes payable to financial institution due 2020(10) |  |  | 1,523 |  |  |  | 2,329 |
Notes payable to financial institution, collateralized by the underlying equipment, due 2020(11) |  |  | 4,182 |  |  |  | 6,962 |
Other obligations due to financial institution, collateralized by the underlying equipment, due 2023(12) |  |  | 6,864 |  |  |  | 8,530 |
Notes payable to financial institution, collateralized by the underlying equipment, due 2024(13) |  |  | 63,341 |  |  |  | 80,153 |
Notes payable to financial institution, collateralized by the underlying aircraft, due 2023(14) |  |  | 48,125 |  |  |  | 65,625 |
Notes payable to financial institution, collateralized by the underlying due 2023 (15) |  | 6,000 |  |  |  | 8,000 |
Working capital draw loan, used to cover operational needs (16) |  |  | 22,930 |  |  |  | — |
Gross long-term debt, including current maturities |  |  | 743,250 |  |  |  | 858,145 |
Less unamortized debt issuance costs |  |  | (11,526 | ) |  |  | (14,822 | )
Net long-term debt, including current maturities |  |  | 731,724 |  |  |  | 843,323 |
Less current portion |  |  | (189,268 | ) |  |  | (165,900 | )
Net long-term debt |  | $ | 542,456 |  |  | $ | 677,423 |
(1) | In fiscal 2007, the Company financed three CRJ-900 and three CRJ-700 aircraft for $120.3 million. The debt bears interest at the monthly LIBOR plus 2.25% (2.40% at September 30, 2020) and requires monthly principal and interest payments.
(2) | In fiscal 2014, the Company financed ten CRJ-900 aircraft for $88.4 million. The debt bears interest at the monthly LIBOR plus 1.95% (2.10% at September 30, 2020) and requires monthly principal and interest payments. In fiscal 2018, the Company repaid $40.0 million related to four CRJ-900 aircraft.
(3) | In fiscal 2014, the Company financed eight CRJ-900 aircraft with $114.5 million in debt. The debt bears interest at 5.00% and requires monthly principal and interest payments.
(4) | In fiscal 2015, the Company financed seven CRJ-900 aircraft with $170.2 million in debt. The senior notes payable of $151.0 million bear interest at monthly LIBOR plus 2.71% (2.86% at September 30, 2020) and require monthly principal and interest payments. The subordinated notes payable is noninterest-bearing and become payable in full on the last day of the term of the notes. The Company has imputed an interest rate of 6.25% on the subordinated notes payable and recorded a related discount of $8.1 million, which is being accreted to interest expense over the term of the notes.
(5) | In fiscal 2016, the Company financed ten E-175 aircraft with $246.0 million in debt under an EETC financing arrangement (see discussion below). The debt bears interest ranging from 4.75% to 6.25% and requires semi-annual principal and interest payments.
(6) | In fiscal 2016, the Company financed eight E-175 aircraft with $195.3 million in debt. The senior notes payable of $172.0 million bear interest at the three-month LIBOR plus a spread ranging fr om 2.20% to 2.32% (2.43% to 2.55% at September 30, 2020) and require quarterly principal and interest payments. The subordinated notes payable bear interest at 4.50% and require quarterly principal and interest payments.
(7) | In June 2018, the Company refinanced six CRJ-900 aircraft with $27.5 million in debt and financed nine CRJ-900 aircraft, which were previously leased, with $69.6 million in debt. The senior notes payable of $65.8 million bear interest at the three-month LIBOR plus 3.50% (3.73% at September 30, 2020) and require quarterly principal and interest payments. The subordinated notes payable of $29.8 million bear interest at three month LIBOR plus 7.50% (7.73% at September 30, 2020) and require quarterly principal and interest payments.
(8) | In December 2017, the Company refinanced nine CRJ-900 aircraft with $74.9 million in debt. The senior notes payable of $46.9 million bear interest at the three-month LIBOR plus 3.50% (3.73% at September 30, 2020) and require quarterly principal and interest payments. The subordinated notes payable bear interest at the three-month LIBOR plus 4.50% (4.73% at September 30, 2020) and require quarterly principal and interest payments.
(9) | In fiscal 2015, the Company financed certain flight equipment with $8.3 million in debt. The debt bears interest at 5.163% and was paid off in August 2020.
(10) | In fiscal 2015 and 2016, the Company financed certain flight equipment maintenance costs with $10.2 million in debt. The debt bears interest at the three-month LIBOR plus 3.07% (3.30% at September 30, 2020) and requires quarterly principal and interest payments.
(11) | In fiscal 2016-2019, the Company financed certain flight equipment. The debt bears interest at the three-month LIBOR plus a spread ranging from 2.93% to 3.21% (3.16% to 3.44% at September 30, 2020) and requires quarterly principal and interest payments. The debt is subject to a fixed charge ratio covenant. As of September 30, 2020, the Company was in compliance with this covenant.
(12) | In February 2018, the Company leased two spare engines. The leases were determined to be capital as the leases contain a bargain purchase option at the end of the term. Imputed interest is 9.128% and the leases requires monthly payments.
(13) | In January 2019, the Company financed certain flight equipment with $91.2 million in debt. The debt bears interest at the monthly LIBOR plus 3.10% (3.25% at September 30, 2020) and requires monthly principal and interest payments.
(14) | In June 2019, the Company financed ten CRJ-700 aircraft with $70.0 million in debt, which were previously leased. The debt bears interest at the monthly LIBOR plus 5.00% (5.15% at September 30, 2020) and requires monthly principal and interest payments. The interest rate reduced from 5.25% to 5.00% in 1st quarter, 2020 due to United Airlines extension of CRJ-700.
(15) | On September 27,2019, the Company financed certain flight equipment for $8.0 million. The debt bears interest at the monthly LIBOR plus 5.00% (5.15% at September 30, 2020) and requires monthly principal and interest payments. The interest rate reduced from 5.25% to 5.00% in 1st quarter, 2020 due to United Airlines extension of CRJ-700.
(16) | On September 25, 2019, the company extended the term on their $35.0 million working capital draw loan by three years, which now terminates in September 2022. Interest is assessed on drawn amounts at one-month LIBOR plus 3.75%. As of September 30, 2020, $23.0 million was drawn to cover operational needs.
Schedule of Principal Maturities of Long-term Debt | Principal maturities of long-term debt as of September 30, 2020, and for each of the next five years are as follows (in thousands):
|  | Total Principal |
Periods Ending September 30, |  | Amount |
2021 |  | $ | 189,268 |
2022 |  |  | 152,517 |
2023 |  |  | 126,095 |
2024 |  |  | 71,033 |
2025 |  |  | 56,526 |
Thereafter |  |  | 147,811 |
|  | $ | 743,250 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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