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

Debt (Tables)

v3.3.1.900
Debt (Tables)
12 Months Ended
Dec. 31, 2015
Schedule Of Debt

The following table provides a summary of our indebtedness as of December 31, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

2015

 

2014

Debt Obligation

 

Collateral (Number of aircraft)

 

Commitment

 

 

Undrawn amounts

 

Outstanding

 

Weighted average interest rate (a)

 

Maturity

 

Outstanding

Unsecured

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ILFC Legacy Notes

 

 

 

$

9,220,000 

 

$

 —

 

$

9,220,000 

 

6.56% 

 

2016-2022

 

$

11,230,020 

AerCap Aviation Notes

 

 

 

 

300,000 

 

 

 —

 

 

300,000 

 

6.38% 

 

2017 

 

 

300,000 

AerCap Trust & AerCap Ireland Capital Limited Notes

 

 

 

 

5,399,864 

 

 

 —

 

 

5,399,864 

 

4.30% 

 

2017-2022

 

 

3,400,000 

Asia revolving credit facility

 

 

 

 

575,000 

 

 

575,000 

 

 

 —

 

NA

 

2020 

 

 

 —

Citi revolving credit facility

 

 

 

 

3,000,000 

 

 

3,000,000 

 

 

 —

 

NA

 

2018 

 

 

 —

AIG revolving credit facility

 

 

 

 

500,000 

 

 

500,000 

 

 

 —

 

NA

 

2019 

 

 

 —

Other unsecured debt

 

 

 

 

27,959 

 

 

 —

 

 

27,959 

 

10.67% 

 

2016 

 

 

53,101 

Fair value adjustment

 

 

 

 

NA

 

 

NA

 

 

671,687 

 

NA

 

NA

 

 

999,869 

TOTAL UNSECURED

 

 

 

 

19,022,823 

 

 

4,075,000 

 

 

15,619,510 

 

 

 

 

 

 

15,982,990 

Secured

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Export credit facilities

 

104 

 

 

2,292,686 

 

 

 —

 

 

2,292,686 

 

2.39% 

 

2016-2027

 

 

2,691,316 

Senior Secured Notes

 

150 

 

 

2,550,000 

 

 

 —

 

 

2,550,000 

 

6.94% 

 

2016-2018

 

 

2,550,000 

Institutional secured term loans

 

195 

 

 

4,554,114 

 

 

1,284,292 

 

 

3,269,822 

 

3.21% 

 

2020-2021

 

 

3,355,263 

ALS II debt

 

30 

 

 

210,557 

 

 

 —

 

 

210,557 

 

2.18% 

 

2038 

 

 

325,920 

AerFunding revolving credit facility

 

32 

 

 

2,160,000 

 

 

1,101,706 

 

 

1,058,294 

 

2.54% 

 

2019 

 

 

887,385 

AeroTurbine revolving credit agreement (b)

 

 

 

 

550,000 

 

 

228,397 

 

 

321,603 

 

2.92% 

 

2019 

 

 

302,142 

Other secured debt

 

106 

 

 

2,745,423 

 

 

 —

 

 

2,745,423 

 

3.39% 

 

2016-2026

 

 

2,781,801 

Boeing 737 800 pre-delivery payment facility

 

 

 

 

 —

 

 

 —

 

 

 —

 

NA

 

NA

 

 

174,306 

Fair value adjustment

 

 

 

 

NA

 

 

NA

 

 

174,903 

 

NA

 

NA

 

 

287,227 

TOTAL SECURED

 

 

 

 

15,062,780 

 

 

2,614,395 

 

 

12,623,288 

 

 

 

 

 

 

13,355,360 

Subordinated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ECAPS subordinated notes

 

 

 

 

1,000,000 

 

 

 —

 

 

1,000,000 

 

4.49% 

 

2065 

 

 

1,000,000 

Junior Subordinated Notes

 

 

 

 

500,000 

 

 

 —

 

 

500,000 

 

6.50% 

 

2045 

 

 

 —

Subordinated debt joint ventures partners

 

 

 

 

64,280 

 

 

 —

 

 

64,280 

 

1.96% 

 

2022 

 

 

64,280 

Fair value adjustment

 

 

 

 

NA

 

 

NA

 

 

(235)

 

NA

 

NA

 

 

(238)

TOTAL SUBORDINATED

 

 

 

 

1,564,280 

 

 

 —

 

 

1,564,045 

 

 

 

 

 

 

1,064,042 

 

 

617 

 

$

35,649,883 

 

$

6,689,395 

 

$

29,806,843 

 

 

 

 

 

$

30,402,392 

 

                   

 

(a)

The weighted average interest rate for our floating rate debt is calculated based on the U.S. dollar LIBOR rate as of the last 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.

(b)

AeroTurbine’s assets serve as collateral for the AeroTurbine revolving credit agreement.

Schedule Of Maturities Of Debt And Capital Lease Obligations

Maturities of debt financing (excluding fair value adjustments) as of December 31, 2015 were as follows:

 

 

 

 

 

Maturities of debt financing

2016

$

3,976,547 

2017

 

3,763,180 

2018

 

3,142,810 

2019

 

4,925,514 

2020

 

3,942,839 

Thereafter

 

9,209,598 

 

$

28,960,488 

 

 

 

 

Export Credit Facilities [Member]  
Schedule Of Interest Rate Terms

The following table provides details regarding the terms of our outstanding ECA debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

Collateral (Number of aircraft)

 

Amount outstanding

 

Tranche

 

Weighted average interest rate

 

Maturity

2003 Airbus ECA facility

17 

 

$

201,982 

 

Floating Rate

 

Three-month LIBOR + 0.35%

 

2016-2020

2004 Airbus ECA facility

41 

 

 

559,467 

 

Floating Rate

 

Six-month LIBOR + 1.28%

 

2016-2019

 

 

 

140,101 

 

Fixed Rate

 

4.08%

 

2018-2020

2008 Airbus ECA facility

 

 

102,476 

 

Floating Rate

 

Three-month LIBOR + 1.35%

 

2022 

 

13 

 

 

418,402 

 

Fixed Rate

 

3.18%

 

2021-2023

2009 Airbus ECA facility

 

 

42,394 

 

Floating Rate

 

Three-month LIBOR + 1.11%

 

2022 

 

 

 

63,860 

 

Fixed Rate

 

4.22%

 

2021-2022

Airbus ECA capital markets facilities

 

 

130,044 

 

Fixed Rate

 

3.60%

 

2021 

Other Airbus ECA facilities

 

 

344,649 

 

Fixed Rate

 

2.38%

 

2024-2027

2012 Ex-Im capital markets facility

 

 

220,584 

 

Fixed Rate

 

1.49%

 

2025 

2010 Ex-Im facilities

 

 

33,562 

 

Fixed Rate

 

2.95%

 

2022 

EDC facilities

 

 

35,165 

 

Fixed Rate

 

4.50%

 

2020 

Total

104 

 

$

2,292,686 

 

 

 

 

 

 

 

AerFunding Revolving Credit Facility [Member]  
Schedule Of Interest Rate Terms

Borrowings under the AerFunding revolving credit facility bear interest based on the Eurodollar rate plus the applicable margin. The following table presents the applicable margin for the borrowings under the AerFunding revolving credit facility during the periods specified:

 

 

 

 

 

 

Applicable margin

Borrowing period (a)

 

2.25%

Period from December 10, 2017 to December 9, 2018

 

3.25%

Period from December 10, 2018 to December 9, 2019

 

3.75%

                  

 

(a)

The borrowing period is until December 9, 2017, after which the loan converts to a term loan.

Other Secured Debt [Member]  
Schedule Of Interest Rate Terms

AerCap Holdings N.V. has entered into various other commercial bank financings to fund the purchase of aircraft and for general corporate purposes. The following table provides details regarding the terms of these financings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

 

Collateral (Number of aircraft)

 

Amount outstanding

 

Tranche

 

Weighted average interest rate

 

Maturity

SkyFunding I facility

 

 

$

143,758 

 

Floating rate

 

Three-month LIBOR plus 2.85%

 

2021-2022

 

 

 

 

142,650 

 

Fixed rate

 

4.43%

 

2021-2022

SkyFunding II facility

 

 

 

156,285 

 

Floating rate

 

Three-month LIBOR plus 3.15%

 

2022-2023

 

 

 

 

74,490 

 

Fixed rate

 

4.43%

 

2022-2023

Camden facility

 

 

 

135,978 

 

Fixed rate

 

4.74%

 

2018 

AerCap Partners I facility

11 

 

 

 

126,956 

 

Floating rate

 

Three-month LIBOR plus 1.65%

 

2018 

StratusFunding facility

 

 

 

166,514 

 

Floating rate

 

Three-month LIBOR plus 1.95%

 

2026 

 

 

 

 

166,331 

 

Fixed rate

 

3.93%

 

2026 

CieloFunding facility

 

 

 

126,038 

 

Fixed rate

 

3.48%

 

2020 

CieloFunding II facility

 

 

 

71,655 

 

Fixed rate

 

2.80%

 

2020 

CloudFunding facilities

16 

 

 

 

270,118 

 

Fixed rate

 

3.95%

 

2022-2026

LimelightFunding facility

 

 

 

168,646 

 

Fixed rate

 

4.70%

 

2026 

Secured commercial bank financings

 

 

 

175,789 

 

Fixed rate

 

3.71%

 

2016-2021

 

32 

(a)

 

 

820,215 

 

Floating rate

 

LIBOR plus 2.30%

 

2017-2025

Total

106 

 

 

$

2,745,423 

 

 

 

 

 

 

                   

 

(a)

Four engines are pledged as collateral in addition to the aircraft.