Borrowings from Secured and Unsecured Debt Financings

12 Months Ended

Feb. 28, 2021

Borrowings from Secured and Unsecured Debt Financings

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


	At February 28, 2021					At February 29, 2020		At December 31, 2019
Debt Obligation	Outstanding Borrowings		Number of Aircraft	Interest Rate	Final Stated Maturity	Outstanding Borrowings		Outstanding Borrowings
Secured Debt Financings:
ECA Financings(1)	$	36,423	2	3.49% to 3.96%	12/03/21 to 11/30/24	$	50,745	$	147,644
Bank Financings(2)	738,353		31	2.31% to 4.55%	06/17/23 to 03/06/25	971,693		993,593
Less: Debt Issuance Costs	(5,926)					(9,920)		(11,892)
Total secured debt financings, net of debt issuance costs and discounts	768,850		33			1,012,518		1,129,345
Unsecured Debt Financings:
Senior Notes due 2020(3)	—			7.625%	04/15/20	300,000		300,000
Senior Notes due 2021(4)	—			5.125%	03/15/21	500,000		500,000
Senior Notes due 2022	500,000			5.500%	02/15/22	500,000		500,000
Senior 5.00% Notes due 2023	500,000			5.000%	04/01/23	500,000		500,000
Senior 4.40% Notes due 2023	650,000			4.400%	09/25/23	650,000		650,000
Senior Notes due 2024	500,000			4.125%	05/01/24	500,000		500,000
Senior Notes due 2025	650,000			5.250%	08/11/25	—		—
Senior Notes due 2026	650,000			4.250%	06/15/26	650,000		650,000
Senior Notes due 2028	750,000			2.850%	01/26/28	—		—
Unsecured Term Loan	215,000			1.683%	03/07/22 to 03/07/24	215,000		215,000
Revolving Credit Facilities	—			1.25% to 2.00%	7/30/21 to 06/27/22	100,000		150,000
Less: Debt issuance costs and discounts	(48,739)					(30,765)		(32,509)
Total unsecured debt financings, net of debt issuance costs and discounts	4,366,261					3,884,235		3,932,491

Total secured and unsecured debt financings, net of debt issuance costs and discounts	$	5,135,111				$	4,896,753	$	5,061,836

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(1)The borrowings under these financings at February 28, 2021 have a weighted-average rate of interest of 3.58%. During February 2020, the Company repaid the ECA Financings for four aircraft owned by the Air Knight VIEs, which were released as security for such financings during the second quarter of 2020 – see Note 6.

(2)The borrowings under these financings at February 28, 2021 have a weighted-average fixed rate of interest of 3.24%.

(3)Repaid on April 15, 2020.

(4)Repaid on February 25, 2021.

Secured Debt Financings:

Bank Financings

During the fourth quarter of 2021, we prepaid bank financings secured by three wide-body aircraft, which included principal amounts outstanding of $145,934 and incurred early extinguishment costs of $1,148, primarily related to the write-off of deferred financing costs.

Unsecured Debt Financings:

Senior Notes due 2020

On April 15, 2020, the Company repaid $300,000 aggregate principal amount of 7.625% Senior Notes due 2020 due at their final stated maturity date.

Senior Notes due 2025

On August 11, 2020, the Company issued $650,000 aggregate principal amount of Senior Notes due 2025 (the “Senior Notes due 2025”) at an issue price of 99.057%. The Senior Notes due 2025 will mature on August 11, 2025 and bear interest at a rate of 5.25% per annum, payable semi-annually on February 11 and August 11 of each year, commencing on February 11, 2021. Interest accrues on the Senior Notes due 2025 from August 11, 2020.

Senior Notes due 2028 and 2021

On January 26, 2021, the Company issued $750,000 aggregate principal amount of Senior Notes due 2028 (the “Senior Notes due 2028”) at an issue price of 98.543%. The Senior Notes due 2028 will mature on January 26, 2028 and bear interest at a rate of 2.85% per annum, payable semi-annually on January 26 and July 26 of each year, commencing on July 26, 2021. Interest accrues on the Senior Notes due 2028 from January 26, 2021. The net proceeds from the issuance were used to redeem the balance of our 5.125% Senior Notes due 2021, including accrued interest of $11,389 and call premium of $1,265, on February 25, 2021.

Revolving Credit Facility

On July 30, 2020, the Company entered into a $150,000 unsecured revolving credit facility with Mizuho Bank Ltd., a related party. The facility bears interest at a rate of LIBOR plus 2%, or a base rate plus 1%, matures on July 31, 2021 and includes a one-year extension option. This transaction was approved by our Audit Committee as an arm’s length transaction under our related party policy.

As of February 28, 2021, we had no borrowings outstanding under our revolving credit facilities and had $1,250,000 available.

Maturities of the secured and unsecured debt financings over the next five years and thereafter are as follows:


Year Ending February 28/29,	Amount
2022	$	646,943
2023	81,611
2024	1,532,697
2025	800,859
2026	727,666
Thereafter	1,400,000
Total	$	5,189,776

As of February 28, 2021, we were in compliance with all applicable covenants in our financings.