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

Debt (Tables)

v3.6.0.2
Debt (Tables)
12 Months Ended
Dec. 31, 2016
Schedule Of Debt

The following table provides a summary of our indebtedness as of December 31, 2016 and 2015:









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of December 31,

 



 

2016

 

2015

 

Debt Obligation

 

Collateral (Number of

aircraft)

 

Commitment

 

Undrawn amounts

 

Outstanding

 

Weighted average interest rate (a)

 

Maturity

 

Outstanding

 

Unsecured

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ILFC Legacy Notes

 

 

 

$

7,670,000 

 

$

 —

 

$

7,670,000 

 

6.96% 

 

2017 - 2022

 

$

9,220,000 

 

AerCap Aviation Notes

 

 

 

 

300,000 

 

 

 —

 

 

300,000 

 

6.38% 

 

2017 

 

 

300,000 

 

AerCap Trust & AICDC Notes

 

 

 

 

6,399,864 

 

 

 —

 

 

6,399,864 

 

4.25% 

 

2017 - 2022

 

 

5,399,864 

 

Asia revolving credit facility

 

 

 

 

600,000 

 

 

600,000 

 

 

 —

 

 —

 

2020 

 

 

 —

 

Citi revolving credit facility

 

 

 

 

3,000,000 

 

 

3,000,000 

 

 

 —

 

 —

 

2018 

 

 

 —

 

AIG revolving credit facility

 

 

 

 

500,000 

 

 

500,000 

 

 

 —

 

 —

 

2019 

 

 

 —

 

Other unsecured debt

 

 

 

 

 —

 

 

 —

 

 

 —

 

 —

 

NA

 

 

27,959 

 

Fair value adjustment

 

 

 

 

NA

 

 

NA

 

 

430,348 

 

NA

 

NA

 

 

671,687 

 

TOTAL UNSECURED

 

 

 

 

18,469,864 

 

 

4,100,000 

 

 

14,800,212 

 

 

 

 

 

 

15,619,510 

 

Secured

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Export credit facilities

 

85 

 

 

1,722,376 

 

 

 —

 

 

1,722,376 

 

2.52% 

 

2017 - 2027

 

 

2,292,686 

 

Senior Secured Notes

 

85 

 

 

1,275,000 

 

 

 —

 

 

1,275,000 

 

7.13% 

 

2018 

 

 

2,550,000 

 

Institutional secured term loans & secured portfolio loans

 

221 

 

 

6,484,123 

 

 

1,455,500 

 

 

5,028,623 

 

3.16% 

 

2020 - 2024

 

 

3,269,822 

 

ALS II debt

 

26 

 

 

17,746 

 

 

 —

 

 

17,746 

 

2.55% 

 

2038 

 

 

210,557 

 

AerFunding revolving credit facility

 

15 

 

 

2,160,000 

 

 

1,563,181 

 

 

596,819 

 

2.92% 

 

2019 

 

 

1,058,294 

 

AeroTurbine revolving credit agreement (b)

 

 

 

 

200,000 

 

 

75,000 

 

 

125,000 

 

3.27% 

 

2019 

 

 

321,603 

 

Other secured debt

 

108 

 

 

2,814,826 

 

 

144,500 

 

 

2,670,325 

 

3.57% 

 

2017 - 2034

 

 

2,745,423 

 

Fair value adjustment

 

 

 

 

NA

 

 

NA

 

 

82,251 

 

NA

 

NA

 

 

174,903 

 

TOTAL SECURED

 

 

 

 

14,674,071 

 

 

3,238,181 

 

 

11,518,140 

 

 

 

 

 

 

12,623,288 

 

Subordinated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ECAPS subordinated notes

 

 

 

 

1,000,000 

 

 

 —

 

 

1,000,000 

 

4.77% 

 

2065 

 

 

1,000,000 

 

Junior Subordinated Notes

 

 

 

 

500,000 

 

 

 —

 

 

500,000 

 

6.50% 

 

2045 

 

 

500,000 

 

Subordinated debt joint ventures partners

 

 

 

 

55,780 

 

 

 —

 

 

55,780 

 

2.26% 

 

2022 

 

 

64,280 

 

Fair value adjustment

 

 

 

 

NA

 

 

NA

 

 

(232)

 

NA

 

NA

 

 

(235)

 

TOTAL SUBORDINATED

 

 

 

 

1,555,780 

 

 

 —

 

 

1,555,548 

 

 

 

 

 

 

1,564,045 

 

Debt issuance costs and debt discounts

 

 

 

 

NA

 

 

NA

 

 

(156,901)

 

NA

 

NA

 

 

(164,980)

(c)



 

540 

 

$

34,699,715 

 

$

7,338,181 

 

$

27,716,999 

 

 

 

 

 

$

29,641,863 

 

                   



(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 and debt discounts.

(b)

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

(c)

We retrospectively reclassified $165.0 million of debt issuance costs from other assets to a direct reduction of the debt liability as of December 31, 2015. See Note 3Summary of significant accounting policies.



Schedule Of Maturities Of Debt And Capital Lease Obligations

Maturities of our debt financings (excluding fair value adjustments, debt issuance costs and debt discounts) as of December 31, 2016 were as follows:





 

 



Maturities of debt financing

2017

$

3,755,193 

2018

 

3,123,579 

2019

 

4,616,811 

2020

 

3,687,839 

2021

 

4,952,852 

Thereafter

 

7,225,259 



$

27,361,533 



 

 



Export Credit Facilities [Member]  
Schedule Of Interest Rate Terms

The following table provides details regarding the terms of our outstanding export credit facilities:





 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



As of December 31, 2016



Collateral (Number of aircraft)

 

Amount outstanding

 

Tranche

 

Weighted average interest rate

 

Maturity

2003 Airbus ECA facility

15 

 

$

140,723 

 

Floating Rate

 

Three month LIBOR + 0.37%

 

2017-2020

2004 Airbus ECA facility

29 

 

 

317,426 

 

Floating Rate

 

Six month LIBOR + 1.42% 

 

2017-2019



 

 

96,256 

 

Fixed Rate

 

4.02%

 

2018-2020

2008 Airbus ECA facility

 

 

88,195 

 

Floating Rate

 

Three month LIBOR + 1.35%

 

2022 



12 

 

 

339,717 

 

Fixed Rate

 

2.64%

 

2021-2023

2009 Airbus ECA facility

 

 

36,608 

 

Floating Rate

 

Three month LIBOR + 1.11%

 

2022 



 

 

54,482 

 

Fixed Rate

 

4.21%

 

2021-2022

Airbus ECA capital markets facilities

 

 

110,290 

 

Fixed Rate

 

3.60%

 

2021 

Other Airbus ECA facilities

 

 

313,445 

 

Fixed Rate

 

2.38%

 

2024-2027

2010 Ex-Im facilities

 

 

28,817 

 

Fixed Rate

 

2.95%

 

2022 

2012 Ex-Im capital markets facility

 

 

196,417 

 

Fixed Rate

 

1.49%

 

2025 

Total

85 

 

$

1,722,376 

 

 

 

 

 

 



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

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

The following table provides details regarding the terms of these financings:





 

 

 

 

 

 

 

 

 

 

 



As of December 31, 2016



Collateral (Number of aircraft)

 

Amount outstanding

 

Tranche

 

Weighted average interest rate

 

Maturity

SkyFunding I facility

 

 

$

126,716 

 

Floating rate

 

Three month LIBOR plus 2.85%

 

2021-2022



 

 

 

125,634 

 

Fixed rate

 

4.43%

 

2021-2022

SkyFunding II facility

 

 

 

141,179 

 

Floating rate

 

Three month LIBOR plus 3.15%

 

2022-2023



 

 

 

66,699 

 

Fixed rate

 

4.43%

 

2022-2023

Camden facility

 

 

 

164,162 

 

Fixed rate

 

3.90%

 

2022 

AerCap Partners I facility

 

 

 

81,537 

 

Floating rate

 

Three month LIBOR plus 1.65%

 

2018 

StratusFunding facility

 

 

 

155,236 

 

Floating rate

 

Three month LIBOR plus 1.95%

 

2026 



 

 

 

154,901 

 

Fixed rate

 

3.93%

 

2021-2026

CieloFunding facility

 

 

 

42,350 

 

Floating rate

 

Three month LIBOR plus 2.60%

 

2020 



 

 

 

67,407 

 

Fixed rate

 

3.68%

 

2020 

CieloFunding II facility

 

 

 

30,095 

 

Floating rate

 

Three month LIBOR plus 2.10%

 

2020 



 

 

 

31,888 

 

Fixed rate

 

3.14%

 

2020 

CloudFunding facilities

15 

 

 

 

231,247 

 

Fixed rate

 

3.98%

 

2022-2026

LimelightFunding facility

 

 

 

157,479 

 

Fixed rate

 

4.70%

 

2026 

Secured commercial bank financings

34 

(a)

 

 

844,111 

 

Floating rate

 

LIBOR plus 2.19%

 

2017-2026



12 

 

 

 

249,684 

 

Fixed rate

 

3.36%

 

2017-2034

Total

108 

 

 

$

2,670,325 

 

 

 

 

 

 

                   



(a)

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