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

Debt (Tables)

v3.8.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2017
Debt Instrument [Line Items]  
Schedule of indebtedness
The following table provides a summary of our indebtedness as of December 31, 2017 and 2016:
 
As of December 31,
 
2017
 
2016
Debt Obligation
Collateral (Number of aircraft)
 
Commitment
 
Undrawn
amounts
 
Outstanding
 
Weighted average interest rate (a)
 
Maturity
 
Outstanding
Unsecured
 
 
 
 
 
 
 
 
 
 
 
 
 
ILFC Legacy Notes
 
 
$
5,670,000

 
$

 
$
5,670,000

 
6.32
%
 
2018 - 2022

 
$
7,670,000

AerCap Aviation Notes
 
 

 

 

 

 

 
300,000

AerCap Trust & AICDC Notes
 
 
8,399,864

 

 
8,399,864

 
4.12
%
 
2019 - 2027

 
6,399,864

Asia Revolving Credit Facility
 
 
600,000

 
300,000

 
300,000

 
3.44
%
 
2020

 

Citi Revolving Credit Facility
 
 
3,895,000

 
3,895,000

 

 

 
2021

 

AIG Revolving Credit Facility
 
 
200,000

 
200,000

 

 

 
2019

 

Other unsecured debt
 
 
550,000

 

 
550,000

 
3.11
%
 
2020 - 2021

 

Fair value adjustment
 
 
NA

 
NA

 
286,426

 
NA

 
NA

 
430,348

TOTAL UNSECURED
 
 
19,314,864

 
4,395,000

 
15,206,290

 
 
 
 
 
14,800,212

Secured
 
 
 
 
 
 
 
 
 
 
 
 
 
Export credit facilities
71

 
1,241,262

 

 
1,241,262

 
2.59
%
 
2018 - 2027

 
1,722,376

Senior Secured Notes
81

 
1,275,000

 

 
1,275,000

 
7.13
%
 
2018

 
1,275,000

Institutional secured term loans & secured portfolio loans
239

 
6,943,431

 
690,000

 
6,253,431

 
3.55
%
 
2020 - 2030

 
5,028,623

ALS II debt


 

 

 

 

 

 
17,746

AerFunding Revolving Credit Facility
18

 
2,500,000

 
1,621,576

 
878,424

 
3.43
%
 
2022

 
596,819

AeroTurbine Revolving Credit Agreement
 
 

 

 

 

 

 
125,000

Other secured debt
94

 
2,139,360

 

 
2,139,360

 
3.66
%
 
2018 - 2035

 
2,670,325

Fair value adjustment
 
 
NA

 
NA

 
31,482

 
NA

 
NA

 
82,251

TOTAL SECURED
 
 
14,099,053

 
2,311,576

 
11,818,959

 
 
 
 
 
11,518,140

Subordinated
 
 
 
 
 
 
 
 
 
 
 
 
 
ECAPS Subordinated Notes
 
 
1,000,000

 

 
1,000,000

 
4.47
%
 
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

 
55,780

Fair value adjustment
 
 
NA

 
NA

 
(229
)
 
NA

 
NA

 
(232
)
TOTAL SUBORDINATED
 
 
1,555,780

 

 
1,555,551

 
 
 
 
 
1,555,548

Debt issuance costs and debt discounts
 
 
NA

 
NA

 
(160,061
)
 
NA

 
NA

 
(156,901
)
 
503

 
$
34,969,697

 
$
6,706,576

 
$
28,420,739

 
 
 
 
 
$
27,716,999

 
(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.
As of
Schedule of maturities of debt financings
Maturities of our debt financings (excluding fair value adjustments, debt issuance costs and debt discounts) as of December 31, 2017 were as follows:
 
Maturities of
debt financing
2018
$
3,177,358

2019
4,191,915

2020
4,201,661

2021
3,671,914

2022
6,315,915

Thereafter
6,704,358

 
$
28,263,121

Export Credit Facilities [Member]  
Debt Instrument [Line Items]  
Schedule of detailed terms of outstanding credit facilities
The following table provides details regarding the terms of our outstanding export credit facilities:
 
As of December 31, 2017
 
Collateral
(Number of
aircraft)
 
Amount
outstanding
 
Tranche
 
Weighted average interest rate
 
Maturity
2003 Airbus ECA facility
11

 
$
85,961

 
Floating Rate
 
Three month LIBOR + 0.43%
 
2018-2020
2004 Airbus ECA facility
23

 
159,856

 
Floating Rate
 
Six month LIBOR + 1.49%
 
2018-2019
 
8

 
52,412

 
Fixed Rate
 
3.85%
 
2018-2020
2008 Airbus ECA facility
2

 
73,118

 
Floating Rate
 
Three month LIBOR + 0.97%
 
2022-2023
 
11

 
241,682

 
Fixed Rate
 
2.70%
 
2021-2023
2009 Airbus ECA facility
2

 
30,602

 
Floating Rate
 
Three month LIBOR + 1.11%
 
2022
 
2

 
30,194

 
Fixed Rate
 
4.60%
 
2021-2022
Airbus ECA capital markets facilities
3

 
89,806

 
Fixed Rate
 
3.60%
 
2021
Other Airbus ECA facilities
5

 
281,458

 
Fixed Rate
 
2.38%
 
2024-2027
2010 Ex-Im facilities
2

 
23,923

 
Fixed Rate
 
2.95%
 
2022
2012 Ex-Im capital markets facility
2

 
172,250

 
Fixed Rate
 
1.49%
 
2025
Total
71

 
$
1,241,262

 
 
 
 
 
 
AerFunding Revolving Credit Facility [Member]  
Debt Instrument [Line Items]  
Schedule of detailed terms of outstanding credit facilities
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)
2.00
%
Period from December 11, 2020 to December 10, 2021
2.75
%
Period from December 11, 2021 to December 10, 2022
3.50
%
 
(a)
The borrowing period is until December 10, 2020, after which the loan converts to a term loan.
Other Secured Debt [Member]  
Debt Instrument [Line Items]  
Schedule of detailed terms of outstanding credit facilities
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, 2017
 
Collateral
(Number of
aircraft)
 
Amount
outstanding
 
Tranche
 
Weighted average
interest rate
 
Maturity
SkyFunding I facility
7
 
 
$
126,617

 
Floating rate
 
3 month LIBOR plus 2.85%
 
2021-2022
 
5
 
 
90,140

 
Fixed rate
 
4.56%
 
2021-2022
Camden facility
7
 
 
144,894

 
Fixed rate
 
3.90%
 
2022
AerCap Partners I facility
7
 
 
59,851

 
Floating rate
 
3 month LIBOR plus 1.65%
 
2020
StratusFunding facility
2
 
 
143,482

 
Floating rate
 
3 month LIBOR plus 1.95%
 
2026
 
2
 
 
142,988

 
Fixed rate
 
3.93%
 
2021-2026
CieloFunding facility
1
 
 
35,968

 
Floating rate
 
3 month LIBOR plus 2.60%
 
2020
 
2
 
 
56,862

 
Fixed rate
 
3.68%
 
2020
CieloFunding II facility
1
 
 
25,122

 
Floating rate
 
3 month LIBOR plus 2.10%
 
2020
 
1
 
 
26,840

 
Fixed rate
 
3.14%
 
2020
CloudFunding facilities
15
 
 
200,781

 
Fixed rate
 
4.00%
 
2022-2026
Secured commercial bank financings
32
(a)
 
855,916

 
Floating rate
 
LIBOR plus 2.10%
 
2018-2026
 
12
 
 
229,899

 
Fixed rate
 
4.13%
 
2018-2035
Total
94
 
 
$
2,139,360

 
 
 
 
 
 
 
(a)
22 engines are pledged as collateral in addition to the aircraft.
AGAT/AICDC Notes  
Debt Instrument [Line Items]  
Schedule of indebtedness
The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2017:

As of December 31, 2017

Amount
outstanding

Interest rate

Maturity
May 2014 Notes
$
2,199,864


3.75% - 4.50%


2019 - 2021
September 2014 Notes
800,000


5.00
%

2021
June 2015 Notes
1,000,000


4.25% - 4.625%


2020 - 2022
October 2015 Notes
1,000,000


4.625
%

2020
May 2016 Notes
1,000,000


3.95
%

2022
January 2017 Notes
600,000


3.50
%

2022
July 2017 Notes
1,000,000


3.65
%

2027
November 2017 Notes
800,000


3.50
%

2025
Total
$
8,399,864