Debt Obligations

Debt obligations consisted of the following:



	March 31, 2019			December 31, 2018
	(in thousands)
Credit facility at a floating rate of interest of one-month LIBOR plus 1.5% at March 31, 2019, secured by engines. The facility has a committed amount of $890.0 million at March 31, 2019, which revolves until the maturity date of April 2021	$	392,000		$	427,000
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines	319,390			323,075
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines	45,627			46,154
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines	270,901			274,205
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines	38,740			39,212
WEST II Series A 2012 term notes payable at a fixed rate of interest of 5.50%, maturing in September 2037, secured by engines	232,409			237,847
Note payable at three-month LIBOR plus a margin ranging from 1.85% to 5.25% at March 31, 2019, maturing in July 2022, secured by engines	8,120			—
Note payable at fixed interest rates ranging from 2.60% to 2.97%, maturing in July 2024, secured by an aircraft	10,483			10,937
	1,317,670			1,358,430
Less: unamortized debt issuance costs	(19,834		)	(21,081		)
Total debt obligations	$	1,297,836		$	1,337,349

Principal outstanding at March 31, 2019, is repayable as follows:



Year	(in thousands)
2019	$	42,333
2020	56,128
2021 (includes $392.0 million outstanding on revolving credit facility)	448,418
2022 (includes $163.1 million outstanding on WEST II Series A 2012 term notes)	212,671
2023	34,008
Thereafter	524,112
Total	$	1,317,670

The Company maintains a revolving credit facility to finance the acquisition of commercial aircraft and aircraft engines and related aircraft equipment for lease as well as for general working capital purposes. The $890 million revolving credit facility has an accordion feature which would expand the entire credit facility up to $1 billion. The interest rate is adjusted quarterly, based on the Company’s leverage ratio, as calculated under the terms of the revolving credit facility.

On February 28, 2019, the Company closed on a loan with a maturity date of July 2022 totaling $8.1 million. Interest is payable at three-month LIBOR plus a margin ranging from 1.85% to 5.25% and principal and interest are paid quarterly. The loan is secured by two engines.

Virtually all of the above debt requires ongoing compliance with the covenants of each financing, 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, 2019.