Debt

3 Months Ended

Mar. 31, 2020

6. Debt

Long-Term Debt

Long-term debt consists of the following (with interest rates as of March 31, 2020 and December 31, 2019):


	March 31, 2020		December 31, 2019
	March 31, 2020		December 31, 2019
Notes due December 31, 2025 (4.0%)	$	86,497	$	86,497
Credit Agreements due through 2022 (5.0%)		34,186		34,186

Total Debt		120,683		120,683
Less: Current Maturities		13,545		12,845

Long-Term Debt	$	107,138	$	107,838

In the period from December 31, 2019 to March 31, 2020, the Company did not incur any additional long-term debt.

The debt agreements include, among other provisions,

certain non-financial covenants.

At March 31, 2020 and 2019, Air Wisconsin was in compliance with each of the covenants in its debt agreements.

For a more detailed discussion of the Company’s long-term debt, see Note 6 to the Company’s consolidated financial statements contained within the 2019 Annual Report.

Deferral Agreement

On March 30, 2020, Air Wisconsin entered into a Letter Agreement with its primary lender to defer until September 30, 2020 all principal and interest payments on the Aircraft Notes and the Other Loans (as defined in the 2019 Annual Report) that would otherwise have been due from March 31, 2020 through September 29, 2020. Under this agreement, Air Wisconsin deferred a payment of $3,945 previously due in March 2020 and deferred a payment of $1,127 previously due in June 2020. All deferred amounts were paid on September 30, 2020. See Note 6 to the Company’s consolidated financial statements contained within the 2019 Annual Report.

Maturities of long-term debt for the periods subsequent to March 31, 2020, are as follows:


Fiscal Year	Amount
April 2020 through December 2020	$	12,845
2021		22,758
2022		23,410
2023		9,170
2024		8,890
Thereafter		43,610

Total	$	120,683

Long-Term Promissory Note

In July 2003, Air Wisconsin financed a hangar through the issuance of $4,275 City of Milwaukee, Wisconsin variable rate Industrial Development Bonds. The bonds mature on November 1, 2033. Prior to May 1, 2006, the bonds were secured by a guaranteed investment contract, which was collateralized with cash, and interest was payable semiannually on each of May 1 and November 1. On May 1, 2006, Air Wisconsin acquired the bonds using the cash collateral. The bonds are reported as long-term investments on the balance sheets. The hangar is accounted for as a

right-of-use

asset.