Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Debt (Tables)

v3.19.3.a.u2
Debt (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of indebtedness
The following table provides a summary of our indebtedness as of December 31, 2019 and 2018:
 
 
As of December 31,
 
 
2019
 
2018
Debt obligation
 
Collateral (number of aircraft)
 
Commitment
 
Undrawn
amounts
 
Amount outstanding
 
Weighted average interest rate (a)
 
Maturity
 
Amount outstanding
Unsecured
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ILFC Legacy Notes
 
 
 
$
2,900,000

 
$

 
$
2,900,000

 
7.09
%
 
2020 - 2022
 
$
4,900,000

AerCap Trust & AICDC Notes
 
 
 
12,500,000

 

 
12,500,000

 
4.13
%
 
2020 - 2028
 
10,749,864

Asia Revolving Credit Facility
 
 
 
950,000

 
950,000

 

 

 
2022
 
200,000

Citi Revolving Credit Facility
 
 
 
4,000,000

 
4,000,000

 

 

 
2024
 

Other unsecured debt
 
 
 
2,024,000

 

 
2,024,000

 
3.28
%
 
2020 - 2023
 
1,160,000

Fair value adjustment
 
 
 
NA

 
NA

 
99,093

 
NA

 
NA
 
177,450

TOTAL UNSECURED
 
 
 
$
22,374,000

 
$
4,950,000

 
$
17,523,093

 
 
 
 
 
$
17,187,314

Secured
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Export credit facilities
 
18

 
565,312

 

 
565,312

 
2.43
%
 
2021 - 2030
 
849,372

Institutional secured term loans & secured portfolio loans
 
191

 
7,303,496

 

 
7,303,496

 
3.62
%
 
2022 - 2030
 
7,533,028

AerFunding Revolving Credit Facility
 
16

 
2,500,000

 
1,624,855

 
875,145

 
3.72
%
 
2022
 
919,484

Other secured debt (b)
 
42

 
1,062,756

 

 
1,062,756

 
4.06
%
 
2021 - 2037
 
1,633,099

Fair value adjustment
 
 
 
NA

 
NA

 
(2,835
)
 
NA

 
NA
 
(2,103
)
TOTAL SECURED
 
 
 
$
11,431,564

 
$
1,624,855

 
$
9,803,874

 
 
 
 
 
$
10,932,880

Subordinated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subordinated notes
 
 
 
2,250,000

 

 
2,250,000

 
5.18
%
 
2045 - 2079
 
1,500,000

Subordinated debt issued by joint ventures
 
 
 
47,521

 

 
47,521

 

 
2020 - 2023
 
48,234

Fair value adjustment
 
 
 
NA

 
NA

 
(222
)
 
NA

 
NA
 
(225
)
TOTAL SUBORDINATED
 
 
 
$
2,297,521

 
$

 
$
2,297,299

 
 
 
 
 
$
1,548,009

Debt issuance costs, debt discounts and debt premium
 
 
 
NA

 
NA

 
(138,135
)
 
NA

 
NA
 
(160,616
)
 
 
267

 
$
36,103,085

 
$
6,574,855

 
$
29,486,131

 
 
 
 
 
$
29,507,587

 
(a)
The weighted average interest rate for our floating rate debt is calculated based on the applicable U.S. dollar LIBOR rate as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs, debt discounts and debt premium. The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives.
(b)
In addition to the 42 aircraft, 74 engines are pledged as collateral.
The following table provides a summary of the outstanding subordinated debt as of December 31, 2019:
 
As of December 31, 2019
 
Amount
outstanding
 
Weighted average interest rate
 
Maturity
ECAPS Subordinated Notes
$
1,000,000

 
4.00
%
 
2065
2045 Subordinated Notes
500,000

 
6.50
%
 
2045
2079 Subordinated Notes
750,000

 
5.88
%
 
2079
 
$
2,250,000

 
 
 
 

The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans:
 
Collateral (Number of aircraft) (a)
 
Amount outstanding
 
Weighted average
interest rate
 
Maturity
Institutional secured term loans
 
 
 
 
 
 
 
Hyperion
58
 
$
1,050,000

 
3.69
%
 
2023
Vancouver (b)
20
 
350,000

 
3.69
%
 
2022
Secured portfolio loans
 
 
 
 
 
 
 
Celtago & Celtago II
25
 
1,095,174

 
3.43
%
 
2022 - 2024
Cesium
15
 
853,844

 
3.71
%
 
2025
Goldfish
13
 
723,326

 
3.34
%
 
2025
Scandium
10
 
678,953

 
3.96
%
 
2025
Rhodium
11
 
594,619

 
3.46
%
 
2026
Other secured facilities
39
 
1,957,580

 
3.65
%
 
2022 - 2030
 
191
 
$
7,303,496

 
 
 
 
 
(a)
These loans are secured by a combination of aircraft and the equity interests in the borrower and certain SPE subsidiaries of the borrower that own the aircraft.
(b)
In January 2020, the Vancouver term loan was fully repaid and terminated.
Schedule of maturities of debt financings
The following table provides a summary of the outstanding senior unsecured notes issued by ILFC prior to the ILFC Transaction (the “ILFC Legacy Notes”) as of December 31, 2019:
 
Maturities of ILFC Legacy Notes
2020
$
1,000,000

2021
500,000

2022
1,400,000

 
$
2,900,000


Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2019 were as follows:
 
Maturities of debt financing (a)
2020
$
3,454,301

2021
4,450,347

2022
6,859,785

2023
3,532,951

2024
3,010,218

Thereafter
8,220,628

 
$
29,528,230

 
(a)
For further detail on debt maturities, please refer to Item 5. Operating and Financial Review and Prospects—Contractual obligations”.
The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2019:

Maturities of AGAT/AICDC Notes
2020
$
1,500,000

2021
2,600,000

2022
2,100,000

2023
1,200,000

2024
1,650,000

Thereafter
3,450,000


$
12,500,000