v3.26.3
Borrowings from Secured and Unsecured Debt Financings
 6 Months Ended
Aug. 31, 2026
Debt Disclosure [Abstract]  
Borrowings from Secured and Unsecured Debt Financings Borrowings from Secured and Unsecured Debt Financings
The outstanding amounts of our secured and unsecured debt financings were as follows:
At August 31, 2026
At
February 28, 2026
Debt ObligationOutstanding
Borrowings		Number of AircraftInterest RateFinal Stated
Maturity		Outstanding
Borrowings
Secured Debt Financings:
Other Financings(1)
$112,490 4
2.36% to 4.14%
11/30/31 to 06/27/32$114,177 
Less: Debt issuance costs and discounts(1,667)(1,822)
Total secured debt financings, net of debt issuance costs and discounts110,823 112,355 
Unsecured Debt Financings:
Senior Notes due 2026(2)
— 4.25%06/15/26650,000 
2.850% Senior Notes due 2028750,000 2.85%01/26/28750,000 
6.500% Senior Notes due 2028650,000 6.50%07/18/28650,000 
Senior Notes due 2029650,000 5.95%02/15/29650,000 
5.250% Senior Notes due 2030500,000 5.25%03/15/30500,000 
5.000% Senior Notes due 2030650,000 5.00%09/15/30650,000 
5.000% Senior Notes due 2031650,000 5.00%05/15/31— 
5.750% Senior Notes due 2031500,000 5.75%10/01/31500,000 
Unsecured Term Loans975,000 
4.94% to 5.16%
04/28/30 to 05/20/31600,000 
Revolving Credit Facilities125,000 
4.86% to 5.54%
02/28/28 to 01/30/29240,000 
   Less: Debt issuance costs and discounts(52,011)(50,589)
Total unsecured debt financings, net of debt issuance costs and discounts5,397,989 5,139,411 
Total secured and unsecured debt financings, net of debt issuance costs and discounts$5,508,812 $5,251,766 
______________
(1)The borrowings under these financings as of August 31, 2026, have a weighted average fixed rate of interest of 3.11%.
(2)Repaid on May 13, 2026, with no gain or loss on the early extinguishment of debt.
Unsecured Debt Financings
May 2026 Unsecured Term Loan
On May 20, 2026, Aircastle Advisor, LLC (“AALLC”), a wholly-owned subsidiary of the Company, entered into a credit agreement with the lender parties thereto (the “May 2026 Credit Agreement”) providing for a $375.0 million unsecured term loan (the “May 2026 Term Loan”). The May 2026 Term Loan bears interest at a floating rate under the Term SOFR (as defined in the May 2026 Credit Agreement) plus 1.30% per annum and matures on May 20, 2031. The total credit commitment under the May 2026 Term Loan may be increased up to a maximum amount of $425.0 million on or before November 20, 2026. The May 2026 Credit Agreement contains, among other customary provisions, a $1.1 billion minimum net worth covenant, a 2.0:1.0 minimum interest coverage ratio covenant, and a 1.25:1.0 minimum unencumbered asset ratio. The Company and Aircastle (Ireland) Designated Activity Company (“AIDAC”), a wholly-owned subsidiary of the Company, agreed to fully and unconditionally guarantee AALLC’s obligations under the May 2026 Credit Agreement.
October 2026 Unsecured Term Loan
On October 1, 2026, the Company entered into credit agreements (the “October 2026 Credit Agreements”) with the Japan Bank for International Cooperation (“JBIC”) and a syndicate of commercial banks (the “Commercial Lenders”) providing for unsecured term loans totaling $400.0 million (the “October 2026 Term Loans”), of which $240.0 million was provided by JBIC and $160.0 million was provided by the Commercial Lenders. The October 2026 Term Loans bear interest at floating rates based on Term SOFR (as defined in the October 2026 Credit Agreements) plus applicable margins, resulting in a weighted average margin of 0.88% per annum, and mature on October 1, 2031. The October 2026 Credit Agreements contain, among other provisions, covenants requiring a minimum consolidated net worth of $1.1 billion, a minimum interest coverage ratio of 2.0:1.0 and a minimum unencumbered asset ratio of 1.25:1.0. The Commercial Lenders' $160.0 million portion of the October 2026 Term Loans is fully and unconditionally guaranteed by AALLC and AIDAC. In connection with the JBIC $240.0 million portion of the October 2026 Term Loans, our Shareholders have each agreed to provide a Letter of Comfort, as defined in the applicable October 2026 Credit Agreement, in favor of JBIC with respect to the Company's obligations thereunder.
5.000% Senior Notes due 2031
On April 28, 2026, the Company and AIDAC issued $650.0 million aggregate principal amount of 5.000% Senior Notes due 2031 (the “5.000% Senior Notes due 2031”) at an issue price of 99.636%. The Company’s and AIDAC’s obligations under the 5.000% Senior Notes due 2031 are fully and unconditionally guaranteed by AALLC. The 5.000% Senior Notes due 2031 will mature on May 15, 2031, and bear interest at a rate of 5.00% per annum, payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2026.
Revolving Credit Facilities
As of August 31, 2026, we had $125.0 million outstanding under our revolving credit facilities and had $2.0 billion available for borrowing.
As of August 31, 2026, we were in compliance with all applicable covenants in our financings.