---
schema_version: "secwatch.filing_event.v1"
accession: "0000353184-23-000037"
form_type: "8-K"
ticker: "AIRT"
cik: "0000353184"
company_name: "AIR T INC"
filed_at: "2023-03-27T23:59:59+00:00"
generated_at: "2026-06-17T15:44:46.413363+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Air T subsidiary Contrail amends loan agreement; $20M prepayment required by Sept 30

## Summary
- Exclusion of certain gains/losses from net income definition extended through Sept 30, 2023 (was March 31, 2023).
- Prior asset-sale prepayment requirement for Term Loan G replaced with $20M voluntary payment by Sept 30, 2023.
- New revolving note covenant: zero balance for 30 consecutive days annually if debt service coverage ratio < 1.10:1.
- Amendment dated March 22, 2023; affects Master Loan Agreement from June 24, 2019 with Old National Bank.

## SEC filing metadata
- accession: 0000353184-23-000037
- form_type: 8-K
- ticker: AIRT
- cik: 0000353184
- company_name: AIR T INC
- filed_at: 2023-03-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/353184/000035318423000037/0000353184-23-000037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/353184/000035318423000037/airt-20230327.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000353184-23-000037
- JSON: https://secwatch.observer/filing/0000353184-23-000037.json
- Plain text: https://secwatch.observer/filing/0000353184-23-000037.txt

## Key facts
- Debt Financings
  AIR T INC amended credit facility with Old National Bank.
  - Instrument: credit facility
  - Counterparty: Old National Bank
  - Event: amendment
  source text: On March 22, 2023, Contrail Aviation Support, LLC and Contrail Aviation Leasing, LLC (collectively “Contrail”) entered into the First Amendment to Second Amendment to Master Loan Agreement and Third Amendment to Master Loan Agreement (the “Amendment”) with Old National Bank (“ONB”). The Amendment amends the Master Loan Agreement dated as of June 24, 2019, as amended.
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318423000037/0000353184-23-000037-index.htm
- Material Agreements
  AIR T INC amended First Amendment to Second Amendment to Master Loan Agreement and Third Amendment to Master Loan Agreement with Old National Bank (effective 2023-03-22).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Old National Bank
  - Effective: 2023-03-22
  source text: On March 22, 2023, Contrail Aviation Support, LLC and Contrail Aviation Leasing, LLC (collectively “Contrail”) entered into the First Amendment to Second Amendment to Master Loan Agreement and Third Amendment to Master Loan Agreement (the “Amendment”) with Old National Bank (“ONB”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318423000037/0000353184-23-000037-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.