Secured and Unsecured Debt Financings

The outstanding amounts of our secured and unsecured term debt financings are as follows:



	At September 30, 2015						At December 31, 2014
Debt Obligation	Outstanding Borrowings			Number of Aircraft	Interest Rate⁽¹⁾	Final Stated Maturity⁽²⁾	Outstanding Borrowings
Secured Debt Financings:
Securitization No. 2	$	229,969		30	0.51%	06/14/37	$	391,680
ECA Term Financings	415,988			8	3.02% to 3.96%	12/3/21 to 11/30/24	449,886
Bank Financings	653,486			13	1.21% to 5.09%	10/26/17 to 01/19/26	554,888
Less: Debt Issuance Costs	(22,082		)	—			(23,323		)
Total secured debt financings, net of debt issuance costs	1,277,361			51			1,373,131

Unsecured Debt Financings:
Senior Notes due 2017	500,000				6.75%	04/15/17	500,000
Senior Notes due 2018	400,000				4.625%	12/05/18	400,000
Senior Notes due 2019	500,000				6.250%	12/01/19	500,000
Senior Notes due 2020	300,000				7.625%	04/15/20	300,000
Senior Notes due 2021	500,000				5.125%	03/15/21	500,000
Senior Notes due 2022	500,000				5.50%	02/15/22	—
Revolving Credit Facility	50,000				2.44%	05/13/19	200,000
Less: Debt Issuance Costs	(32,141		)				(28,544		)
Total unsecured debt financings, net of debt issuance costs	2,717,859						2,371,456

Total secured and unsecured debt financings, net of debt issuance costs	$	3,995,220					$	3,744,587


(1)	Reflects the floating rate in effect at the applicable reset date plus the margin for Securitization No. 2, five of our Bank Financings, and our Revolving Credit Facility. All other financings have a fixed rate.


(2)	For Securitization No. 2, all cash flows available after expenses and interest are applied to debt amortization.

The following Securitization includes a liquidity facility commitment described in the table below:

Available Liquidity

Facility

Liquidity Facility Provider

September 30,
2015

December 31,
2014

Unused

Fee

Interest Rate

on any Advances

Securitization No. 2

HSH Nordbank AG

65,000

0.50%

1M Libor + 0.75

Secured Debt Financings:

ECA Term Financings

As described in Note 6 - Variable Interest Entities, we refer to our COFACE-supported financings as “ECA Term Financings.” In addition, Aircastle has guaranteed the repayment of the ECA Term Financings. The borrowings under these financings at September 30, 2015 have a weighted average rate of interest of 3.57%.

Bank Financings

In May 2015, we entered into two floating rate loans with The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Development Bank of Japan Inc. These loans, which total $150,000, are secured by two A330-300 aircraft that we acquired in the fourth quarter of 2014.

Our Bank Financings contain, among other customary provisions, a $500,000 minimum net worth covenant and, in some cases, a cross-default to other financings with the same lender. In addition, Aircastle has guaranteed the repayment of the Bank Financings. The borrowings under these financings at September 30, 2015 have a weighted average fixed rate of interest of 3.15%.

Unsecured Debt Financings:

Senior Notes due 2022

On January 15, 2015, Aircastle issued $500,000 aggregate principal amount of Senior Notes due 2022 (the "2022 Senior Notes") at par. The 2022 Senior Notes will mature on February 15, 2022 and bear interest at the rate of 5.50% per annum, payable semi-annually on February 15 and August 15 of each year, commencing on August 15, 2015. Interest accrues on the 2022 Senior Notes from January 15, 2015.

We may redeem the Senior Notes due 2022 at any time at a redemption price equal to (a) 100% of the principal amount of the notes redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the notes from the redemption date through the maturity date of the notes (computed using a discount rate equal to the Treasury Rate (as defined in the indenture governing the notes) as of such redemption date plus 50 basis points). In addition, on or before February 15, 2018, we may redeem up to 35% of the aggregate principal amount of the notes issued under the indenture at a redemption price equal to 105.50% plus accrued and unpaid interest thereon to, but not including, the redemption date, with the net proceeds of certain equity offerings. If the Company undergoes a change of control, it must offer to repurchase the Senior Notes due 2022 at 101% of the principal amount, plus accrued and unpaid interest. The Senior Notes due 2022 are not guaranteed by any of the Company's subsidiaries or any third party.

Revolving Credit Facility

On January 26, 2015, we increased the size of our Revolving Credit Facility from $450,000 to $600,000. On May 13, 2015, we extended the maturity of our Revolving Credit Facility to May 13, 2019. At September 30, 2015, we had $50,000 drawn on the facility.

As of September 30, 2015, we are in compliance with all applicable covenants in all of our financings.