Borrowings from Secured and Unsecured Debt Financings

6 Months Ended

Aug. 31, 2024

Debt Disclosure [Abstract]

Borrowings from Secured and Unsecured Debt Financings

Borrowings from Secured and Unsecured Debt Financings

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

	At August 31, 2024					At February 29, 2024
Debt Obligation	Outstanding Borrowings		Number of Aircraft	Interest Rate	Final Stated Maturity	Outstanding Borrowings
Secured Debt Financings:
Term Financings(1)	$	643,200	30	2.36% to 7.42%	12/27/24 to 06/27/32	$	883,451
Less: Debt issuance costs and discounts	(6,790)					(8,054)
Total secured debt financings, net of debt issuance costs and discounts	636,410					875,397
Unsecured Debt Financings:
Senior Notes due 2024(2)	—			4.125%	05/01/24	500,000
Senior Notes due 2025	650,000			5.25%	08/11/25	650,000
Senior Notes due 2026	650,000			4.25%	06/15/26	650,000
2.850% Senior Notes due 2028	750,000			2.85%	01/26/28	750,000
6.500% Senior Notes due 2028	650,000			6.50%	07/18/28	650,000
Senior Notes due 2029	650,000			5.95%	02/15/29	650,000
Senior Notes due 2031	500,000			5.75%	10/01/31	—
Revolving Credit Facilities	20,000			7.50%	05/24/25 to 02/08/28	20,000
Less: Debt issuance costs and discounts	(46,335)					(46,901)
Total unsecured debt financings, net of debt issuance costs and discounts	3,823,665					3,823,099
Total secured and unsecured debt financings, net of debt issuance costs and discounts	$	4,460,075				$	4,698,496

(1)The borrowings under these financings at August 31, 2024, have a weighted average fixed rate of interest of 5.89%.

(2)Repaid at the final stated maturity date.

Secured Debt Financings

Term Financings

On August 28, 2024, we repaid in full the $206.3 million outstanding principal amount of one of our term financings secured by 8 aircraft, including $1.9 million of accrued interest. The secured term financing had a final stated maturity date of September 13, 2024, and we recognized a gain on the early extinguishment of debt of $0.3 million.

Unsecured Debt Financings

5.750% Senior Notes due 2031

On July 18, 2024, the Company and Aircastle (Ireland) Designated Activity Company (“AIDAC”), a wholly-owned subsidiary of the Company, issued $500.0 million aggregate principal amount of 5.750% Senior Notes due 2031 (the “Senior Notes due 2031”) at an issue price of 99.64%. The Senior Notes due 2031 will mature on October 1, 2031, and bear interest at a rate of 5.75% per annum, payable semi-annually on April 1 and October 1 of each year, commencing on April 1, 2025. Interest accrues on the Senior Notes due 2031 from July 18, 2024.

Revolving Credit Facilities

As of August 31, 2024, we had $20.0 million outstanding under our revolving credit facilities and had $2.1 billion available for borrowing.

As of August 31, 2024, we were in compliance with all applicable covenants in our financings.

AIDAC Guarantees

In connection with AIDAC co-issuing the Senior Notes due 2031 with the Company, AIDAC agreed to fully and unconditionally guarantee (the “AIDAC Guarantees”) the Company’s obligations under its: (i) revolving credit facilities; (ii) 5.250% Senior Notes due 2025; (iii) 4.250% Senior Notes due 2026; (iv) 2.850% Senior Notes due 2028; (v) 6.500% Senior Notes due 2028; and (vi) 5.950% Senior Notes due 2029 (collectively, the “Existing Unsecured Debt”). As a result of the AIDAC Guarantees, the Senior Notes due 2031 rank pari passu in right of payment with the Existing Unsecured Debt.