Secured and Unsecured Debt Financings

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



	At September 30, 2016						At December 31, 2015
Debt Obligation	Outstanding Borrowings			Number of Aircraft	Interest Rate⁽¹⁾	Final Stated Maturity	Outstanding Borrowings
Secured Debt Financings:
Securitization No. 2	$	—		—	—%	—	$	125,366
ECA Financings⁽²⁾	315,687			7	3.02% to 3.96%	12/3/21 to 11/30/24	404,491
Bank Financings⁽³⁾⁽⁴⁾	967,519			29	1.52% to 5.09%	10/26/17 to 01/19/26	636,970
Less: Debt Issuance Costs	(21,783		)	—			(20,589		)
Total secured debt financings, net of debt issuance costs	1,261,423			36			1,146,238

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	500,000
Senior Notes due 2023	500,000				5.00%	04/01/23	—
DBJ Term Loan	120,000				2.653%	04/28/19	—
Revolving Credit Facility	—				N/A	05/13/20	225,000
Less: Debt Issuance Costs	(33,696		)				(30,082		)
Total unsecured debt financings, net of debt issuance costs	3,286,304						2,894,918

Total secured and unsecured debt financings, net of debt issuance costs	$	4,547,727					$	4,041,156


(1)	Reflects the floating rate in effect at the applicable reset date plus the margin for our DBJ Term Loan, six of our Bank Financings and our Revolving Credit Facility. All other financings have a fixed rate.


(2)	The borrowings under these financings at September 30, 2016 have a weighted-average rate of interest of 3.53%.


(3)	The borrowings under these financings at September 30, 2016 have a weighted-average fixed rate of interest of 3.22%.


(4)	In September 2016, we purchased an interest rate cap for $2,283 to hedge approximately 70% of our floating rate interest exposure. The interest rate cap is set at 2% and has a starting notional balance of $430,000 and reduces over time to $215,000. The cap matures in September 2021.

Secured Debt Financings:

Securitization No. 2

On May 9, 2016, we prepaid the outstanding principal balance plus accrued interest and fees due under Securitization No. 2 and terminated the related interest rate derivatives for a total of $66,262. Upon prepayment of Securitization No. 2, our liquidity facility commitment with HSH Nordbank AG ended and all drawn cash was returned.

Bank Financings

In June 2016, we entered into a seven-year, full recourse $434,250 floating rate financing with BNP Paribas, Credit Agricole Corporate and Investment Bank and certain other banks for eighteen aircraft. As of September 30, 2016, we funded sixteen aircraft with an outstanding balance of $372,784 under this facility. Funding for the final two aircraft was in October 2016 for $54,900.

Unsecured Debt Financings:

DBJ Term Loan

In March 2016, we entered into a $120,000 floating rate three-year term loan commitment with Development Bank of Japan Inc. and certain other banks (the “DBJ Term Loan”). This loan was funded in April 2016.

Senior Notes due 2023

On March 21, 2016, Aircastle issued $500,000 aggregate principal amount of Senior Notes due 2023 (the "Senior Notes due 2023") at par. The Senior Notes due 2023 will mature on April 1, 2023 and bear interest at the rate of 5.00% per annum, payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2016. Interest accrues on the Senior Notes due 2023 from March 24, 2016.

We may redeem the Senior Notes due 2023 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, prior to April 1, 2019, we may redeem up to 40% of the aggregate principal amount of the notes issued under the indenture at a redemption price equal to 105% 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 2023 at 101% of the principal amount, plus accrued and unpaid interest. The Senior Notes due 2023 are not guaranteed by any of the Company's subsidiaries or any third-party.

Revolving Credit Facility

On March 29, 2016, we increased the size of our unsecured Revolving Credit Facility from $600,000 to $675,000 and extended its maturity by one year to May 2020. At September 30, 2016, we had no amounts outstanding under this facility.

As of September 30, 2016, we are in compliance with all applicable covenants in all of our financings.