Air T subsidiaries amend loan agreements to replace LIBOR with SOFR-based rates

AIR T INC

Contrail Aviation Support and Leasing amended $38.18M term loan to use 1-month SOFR + 3.11448%.
Revolving credit facility of $25M switched to SOFR + 3.56448%; all other terms unchanged.
AirCo 1 amended $6.39M loan with Park State Bank to use 3-month SOFR + 3.26161%.
No changes to principal amounts, maturity dates, or loan covenants.
Amendments effective May 26, 2023; executed by subsidiaries, not Air T directly.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AIR T INC amended Amendment to Main Street Priority Loan Facility Term Loan Agreement with Park State Bank valued at Replaced Three-Month LIBOR benchmark with Three-Month SOFR based rate plus 3.26161%; principal amoun (effective 2023-05-26).

Action: amendment
Agreement: credit facility
Counterparty: Park State Bank
Value: Replaced Three-Month LIBOR benchmark with Three-Month SOFR based rate plus 3.26161%; principal amoun
Effective: 2023-05-26

Exact text from the filing

AirCo 1, LLC, an indirect wholly-owned subsidiary of Air T, Inc., executed an Amendment to Main Street Priority Loan Facility Term Loan Agreement with Park State Bank.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AIR T INC amended First Amendment to Supplement #8 to Master Loan Agreement, Fifth Amendment to Supplement #2 to Master Loan Agreement and Fourth Amended and Restated Promissory Note Revolving Note with Old National Bank valued at Replaced LIBOR interest rate with SOFR-based rate; maximum principal amount remains $25,000,000; int (effective 2023-05-26).

Action: amendment
Agreement: credit facility
Counterparty: Old National Bank
Value: Replaced LIBOR interest rate with SOFR-based rate; maximum principal amount remains $25,000,000; int
Effective: 2023-05-26

Exact text from the filing

CAS entered into the First Amendment to Supplement #8 to Master Loan Agreement, the Fifth Amendment to Supplement #2 to the Master Loan Agreement and the Fourth Amended and Restated Promissory Note Revolving Note with ONB.

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AIR T INC filing history →

Source: SEC EDGAR

accession 0000353184-23-000058

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