---
schema_version: "secwatch.filing_event.v1"
accession: "0000353184-23-000058"
form_type: "8-K"
ticker: "AIRT"
cik: "0000353184"
company_name: "AIR T INC"
filed_at: "2023-06-02T23:59:59+00:00"
generated_at: "2026-06-14T08:38:42.308201+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.25
calibrated_materiality_score: 0.25
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000353184-23-000058
- form_type: 8-K
- ticker: AIRT
- cik: 0000353184
- company_name: AIR T INC
- filed_at: 2023-06-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.25
- calibrated_materiality_score: 0.25
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/353184/000035318423000058/0000353184-23-000058-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/353184/000035318423000058/airt-20230602.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000353184-23-000058
- JSON: https://secwatch.observer/filing/0000353184-23-000058.json
- Plain text: https://secwatch.observer/filing/0000353184-23-000058.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318423000058/0000353184-23-000058-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318423000058/0000353184-23-000058-index.htm

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