Air T subsidiary extends $25M revolving credit facility to November 2025

AIR T INC

Contrail Aviation Support (79%-owned Air T subsidiary) amended $25M revolver with Old National Bank.
Maturity extended to November 24, 2025; facility size and interest rate (1M SOFR + 3.56448%) unchanged.
Change-in-control default provision revised: default triggered if CEO Joe Kuhn (or acceptable CEO) leaves or stops overseeing operations.
$50,000 renewal fee paid; no new borrowings; terms otherwise substantially the same.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AIR T INC amended Sixth Amendment to Supplement #2 to Master Loan Agreement with Old National Bank (effective 2023-09-05).

Action: amendment
Agreement: credit facility
Counterparty: Old National Bank
Effective: 2023-09-05

Exact text from the filing

On August 30, 2023, Contrail Aviation Support, LLC (“CAS”) a 79%-owned subsidiary of Air T, Inc., entered into the Sixth Amendment to Supplement #2 to Master Loan Agreement

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AIR T INC filing history →

Source: SEC EDGAR

accession 0000353184-23-000113

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