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Debt Obligations
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations consisted of the following:
June 30,
2021		December 31,
2020
(in thousands)
Credit facility at a floating rate of interest of one-month LIBOR plus 1.75% at June 30, 2021, secured by engines. The facility has a committed amount of $1.0 billion at June 30, 2021, which revolves until the maturity date of June 2024
$688,000 $777,000 
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
277,966 — 
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
38,612 — 
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
19,400 — 
WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines
280,197 286,863 
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines
38,931 39,855 
WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines
18,533 19,043 
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines
269,970 277,481 
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines
38,885 39,640 
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines
223,815 227,138 
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines
32,195 32,481 
Note payable at three-month LIBOR plus a margin ranging from 1.85% to 2.50%, repaid in May 2021, secured by engines
— 6,138 
Note payable at a fixed rate of interest of 3.18%, maturing in July 2024, secured by an aircraft
6,284 7,247 
1,932,788 1,712,886 
Less: unamortized debt issuance costs(21,629)(19,133)
Total debt obligations$1,911,159 $1,693,753 

One-month LIBOR was 0.10% and 0.14% as of June 30, 2021 and December 31, 2020, respectively.

Principal outstanding at June 30, 2021, is expected to be repayable as follows:
Year(in thousands)
2021$36,297 
202264,250 
202364,316 
2024751,482 
202562,247 
Thereafter954,196 
Total$1,932,788 
In May 2021, WLFC and its direct, wholly-owned subsidiary Willis Engine Structured Trust VI (“WEST VI”), closed its offering of $336.7 million aggregate principal amount of fixed rate notes (the “WEST VI Notes”). The WEST VI Notes were issued in three series, with the Series A Notes issued in an aggregate principal amount of $278.6 million, the Series B Notes issued in an aggregate principal amount of $38.7 million and the Series C Notes issued in an aggregate principal amount of $19.4 million. The WEST VI Notes are secured by, among other things, WEST VI’s direct and indirect ownership interests in a portfolio of 29 aircraft engines and one airframe which WEST VI will acquire from the WLFC pursuant to an asset purchase agreement.
The Series A Notes have a fixed coupon of 3.104%, an expected maturity of approximately eight years and a final maturity date in May 2046, the Series B Notes have a fixed coupon of 5.438%, an expected maturity of approximately eight years and a final maturity date in May 2046 and the Series C Notes have a fixed coupon of 7.385%, an expected maturity of approximately eight years and a final maturity date in May 2046. The Series A Notes were issued at a price of 99.99481% of par, the Series B Notes were issued at a price of 99.99996% of par and the Series C Notes were issued at a price of 99.99869% of par. Principal on the WEST VI Notes is payable monthly to the extent of available cash in accordance with a priority of payments included in the indenture.
In May 2021, WLFC repaid an existing note payable that was secured by two engines.
In June 2021, WLFC entered into Amendment No. 2 to the Fourth Amended and Restated Credit Agreement dated as of June 7, 2019, which updates the provisions relating to the future discontinuance of the LIBOR and sets forth the mechanics for establishing the Secured Overnight Financing Rate (“SOFR”) as a benchmark replacement rate.
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 covenants such as liens, advances, change in business, sales of assets, dividends and stock repurchases. These covenants are tested either monthly, quarterly or annually and the Company was in full compliance with all financial covenant requirements at June 30, 2021.