secwatch.observer — SEC 8-K summary
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Issuer:     AIR T INC (AIRT)
CIK:        0000353184
Form:       8-K
Filed at:   2023-03-27T23:59:59+00:00
Accession:  0000353184-23-000037
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/353184/000035318423000037/0000353184-23-000037-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/353184/000035318423000037/airt-20230327.htm
  HTML page:      https://secwatch.observer/filing/0000353184-23-000037

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