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v2.4.0.6
Debt
3 Months Ended
Mar. 31, 2012
Debt

3. Debt

The following table details the Company’s debt (in millions). Variable interest rates listed are the rates as of March 31, 2012.

 

 

                 
    March 31,
2012
    December 31,
2011
 

Secured

               

Citicorp North America loan, variable interest rate of 2.74%, installments due through 2014

  $ 1,120     $ 1,136  

Equipment loans and other notes payable, fixed and variable interest rates ranging from 1.64% to 10.56%, maturing from 2012 to 2029

    1,682       1,729  

Aircraft enhanced equipment trust certificates (“EETCs”), fixed interest rates ranging from 6.25% to 11%, maturing from 2014 to 2023

    1,247       1,279  

Other secured obligations, fixed interest rate of 8%, maturing from 2018 to 2021

    29       30  
   

 

 

   

 

 

 
      4,078       4,174  

Unsecured

               

Barclays prepaid miles, variable interest rate of 4.99%, interest only payments

    200       200  

Airbus advance, repayments through 2018

    129       142  

7.25% convertible senior notes, interest only payments until due in 2014

    172       172  

7% senior convertible notes, interest only payments until due in 2020

    5       5  

Industrial development bonds, fixed interest rate of 6.30%, interest only payments until due in 2023

    29       29  

Other unsecured obligations, maturing in 2012

    10       10  
   

 

 

   

 

 

 
      545       558  
   

 

 

   

 

 

 

Total long-term debt and capital lease obligations

    4,623       4,732  

Less: Total unamortized discount on debt

    (186     (166

Current maturities

    (453     (436
   

 

 

   

 

 

 

Long-term debt and capital lease obligations, net of current maturities

  $ 3,984     $ 4,130  
   

 

 

   

 

 

 

The Company was in compliance with the covenants in its debt agreements at March 31, 2012.

2012 Barclays Amendment

In February 2012, US Airways Group amended its co-branded credit card agreement with Barclays Bank Delaware. This amendment provides that the $200 million pre-purchase of frequent flier miles previously scheduled to reduce commencing in January 2012 will now be reduced commencing in January 2014 over a period of up to approximately two years.

Fair Value of Debt

The fair value of the Company’s long-term debt was approximately $4.16 billion and $4.23 billion at March 31, 2012 and December 31, 2011, respectively. The fair values were estimated using quoted market prices where available. For long-term debt not actively traded, fair values were estimated using a discounted cash flow analysis based on the Company's current incremental borrowing rates for similar types of borrowing arrangements. If the Company’s long-term debt was measured at fair value, it would have been categorized as Level 2 in the fair value hierarchy.

US Airways, Inc [Member]
 
Debt

2. Debt

The following table details US Airways’ debt (in millions). Variable interest rates listed are the rates as of March 31, 2012.

 

 

                 
    March 31,
2012
    December 31,
2011
 

Secured

               

Equipment loans and other notes payable, fixed and variable interest rates ranging from 1.64% to 10.56%, maturing from 2012 to 2021

  $ 1,652     $ 1,699  

Aircraft enhanced equipment trust certificates (“EETCs”), fixed interest rates ranging from 6.25% to 11%, maturing from 2014 to 2023

    1,247       1,279  

Other secured obligations, fixed interest rate of 8%, maturing from 2018 to 2021

    29       30  
   

 

 

   

 

 

 
      2,928       3,008  

Unsecured

               

Airbus advance, repayments through 2018

    129       142  

Industrial development bonds, fixed interest rate of 6.30%, interest only payments until due in 2023

    29       29  

Other unsecured obligations, maturing in 2012

    10       10  
   

 

 

   

 

 

 
      168       181  
   

 

 

   

 

 

 

Total long-term debt and capital lease obligations

    3,096       3,189  

Less: Total unamortized discount on debt

    (69     (71

Current maturities

    (437     (420
   

 

 

   

 

 

 

Long-term debt and capital lease obligations, net of current maturities

  $ 2,590     $ 2,698  
   

 

 

   

 

 

 

US Airways was in compliance with the covenants in its debt agreements at March 31, 2012.

Fair Value of Debt

The fair value of US Airways’ long-term debt was approximately $2.79 billion and $2.92 billion at March 31, 2012 and December 31, 2011, respectively. The fair values were estimated using quoted market prices where available. For long-term debt not actively traded, fair values were estimated using a discounted cash flow analysis based on US Airways’ current incremental borrowing rates for similar types of borrowing arrangements. If US Airways’ long-term debt was measured at fair value, it would have been categorized as Level 2 in the fair value hierarchy.