XML 22 R13.htm IDEA: XBRL DOCUMENT v3.22.2
Debt Obligations
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations consisted of the following:
June 30,
2022		December 31,
2021
(in thousands)
Credit facility at a floating rate of interest of one-month LIBOR plus 1.375% at June 30, 2022, secured by engines. The facility has a committed amount of $1.0 billion at June 30, 2022, which revolves until the maturity date of June 2024
$569,000 $590,000 
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
266,982 273,723 
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
37,086 38,022 
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
16,762 18,158 
WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines
263,489 272,909 
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines
36,609 38,004 
WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines
14,646 16,342 
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines
251,949 262,260 
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 38,885 
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines
217,020 223,815 
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 32,195 
Note payable at a fixed rate of interest of 3.18%, maturing in July 2024, secured by an aircraft
4,313 5,307 
1,748,936 1,809,620 
Less: unamortized debt issuance costs(17,129)(19,356)
Total debt obligations$1,731,807 $1,790,264 

One-month LIBOR was 1.79% and 0.10% as of June 30, 2022 and December 31, 2021, respectively.

Principal outstanding at June 30, 2022, is expected to be repayable as follows:
Year(in thousands)
2022$50,832 
202362,369 
2024630,536 
202560,300 
2026282,048 
Thereafter662,851 
Total$1,748,936 
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, 2022.