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Long-Term Debt, Finance Leases, and Other Borrowings (Tables) | 6 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt as of March 31, 2022 and September 30, 2021, consisted of the following (in thousands):
|  | March 31, |  |  | September 30, |
|  | 2022 |  |  | 2021 |
Senior and subordinated notes payable to secured parties, collateralized |  |  |  |  |  |  |  |
by the underlying aircraft, due 2027(1) |  |  | 80,244 |  |  |  | 86,551 |
Notes payable to secured parties, collateralized by the underlying |  |  |  |  |  |  |  |
aircraft, due 2028(2) |  |  | 141,690 |  |  |  | 152,100 |
Senior and subordinated notes payable to secured parties, collateralized |  |  |  |  |  |  |  |
by the underlying aircraft, due 2028(3) |  |  | 114,883 |  |  |  | 122,762 |
Other obligations due to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
equipment, due 2023(4) |  |  | 3,448 |  |  |  | 4,581 |
Notes payable to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
equipment, due 2024(5) |  |  | 36,290 |  |  |  | 45,559 |
Notes payable to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
aircraft, due 2023(6) |  |  | 21,875 |  |  |  | 30,625 |
Notes payable to financial institution due 2023(7) |  |  | 3,000 |  |  |  | 4,000 |
Revolving credit facility(8) |  |  | 15,630 |  |  |  | 22,930 |
Notes payable to U.S. Treasury due 2025(9) |  |  | 204,947 |  |  |  | 201,227 |
Notes payable to financial institution, collateralized by the underlying |  |  |  |  |  |  |  |
equipment, due 2027(10) |  |  | 29,943 |  |  |  | — |
Gross long-term debt, including current maturities |  |  | 651,950 |  |  |  | 670,335 |
Less unamortized debt issuance costs |  |  | (10,368 | ) |  |  | (9,295 | )
Less notes payable warrants |  |  | (8,454 | ) |  |  | (9,630 | )
Net long-term debt, including current maturities |  |  | 633,128 |  |  |  | 651,410 |
Less current portion, net of unamortized debt issuance costs |  |  | (111,671 | ) |  |  | (111,710 | )
Net long-term debt |  | $ | 521,457 |  |  | $ | 539,700 |
(1) | In fiscal 2015, we financed seven CRJ-900 aircraft with $170.2 million in debt. The senior notes payable of $154.7 million bear interest at monthly LIBOR plus 2.71% and require monthly principal and interest payments. The subordinated notes payable are noninterest-bearing and become payable in full on the last day of the term of the notes. We 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.
(2) | In fiscal 2016, we 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.
(3) | In fiscal 2016, we 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 from 2.20% to 2.32% and require quarterly principal and interest payments. The subordinated notes payable bear interest at 4.50% and require quarterly principal and interest payments.
(4) | In February 2018, we leased two spare engines. The leases were determined to be finance leases as the leases contain a bargain purchase option at the end of the term. Imputed interest is 9.128% and the leases require monthly payments.
(5) | In January 2019, we financed certain flight equipment with $91.2 million in debt. The debt bears interest at the monthly LIBOR plus 3.10% and requires monthly principal and interest payments.
(6) | In June 2019, we 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% and requires monthly principal and interest payments.
(7) | In September 2019, we financed certain flight equipment for $8.0 million. The debt bears interest at the monthly LIBOR plus 5.00% and requires monthly principal and interest payments.
(8) | In September 2019, we extended the term on our $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%.
(9) | In October 2020, we entered into a loan and guarantee agreement with the U.S. Department of the Treasury for a secured loan facility of up to $200.0 million that matures on October 30, 2025. On October 30, 2020, we borrowed $43.0 million and on November 13, 2020, we borrowed an additional $152.0 million. These amounts bear interest at the three-month LIBOR plus 3.50%. No further borrowings are available under the loan and guarantee agreement.
(10) | In December 2021, we financed the purchase of spare engines with $30.8 million in debt. The debt bears interest at monthly LIBOR plus 4.25% and requires monthly principal and interest payments over a term of six years. The financing arrangement allows for additional borrowings to finance future engine purchases.
Schedule of Principal Maturities of Long-term Debt | Principal maturities of long-term debt as of March 31, 2022, and for each of the next five years are as follows (in thousands):
Periods Ending September 30, |  | Total Principal |
2022 (remainder of) |  | $ | 64,018 |
2023 |  |  | 94,670 |
2024 |  |  | 66,417 |
2025 |  |  | 61,734 |
2026 |  |  | 268,972 |
Thereafter |  |  | 96,139 |
|  | $ | 651,950 |

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