---
schema_version: "secwatch.filing_event.v1"
accession: "0000353184-24-000014"
form_type: "8-K"
ticker: "AIRT"
cik: "0000353184"
company_name: "AIR T INC"
filed_at: "2024-02-26T23:59:59+00:00"
generated_at: "2026-06-05T15:54:03.105555+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Air T issues $15M of 8.5% senior secured notes due 2031 to Honeywell trusts

## Summary
- Principal amount $15M; purchase price $14.85M (99% of par); interest 8.5% payable semi-annually.
- Notes mature February 22, 2031; prepayment premium 2% within first year, 1% in second year.
- Collateral: first-priority lien on all capital stock of issuer AAM 24-1, plus 160,000 Alpha Income Trust Preferred Securities.
- Investors: Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust.

## SEC filing metadata
- accession: 0000353184-24-000014
- form_type: 8-K
- ticker: AIRT
- cik: 0000353184
- company_name: AIR T INC
- filed_at: 2024-02-26T23:59:59+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/353184/000035318424000014/0000353184-24-000014-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/353184/000035318424000014/airt-20240226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000353184-24-000014
- JSON: https://secwatch.observer/filing/0000353184-24-000014.json
- Plain text: https://secwatch.observer/filing/0000353184-24-000014.txt

## Key facts
- Debt Financings
  AIR T INC incurred senior notes of $15,000,000 with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust at 8.5% maturing February 22, 2031.
  - Instrument: senior notes
  - Principal: $15,000,000
  - Counterparty: Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust
  - Rate: 8.5%
  - Maturity: February 22, 2031
  - Event: incurrence
  source text: On February 22, 2024 (the “Closing Date”), Air T, Inc., a Delaware corporation (the “Company”), along with its wholly owned subsidiary AAM 24-1, LLC, a Minnesota limited liability company (the “Issuer”), entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, an “Investor” and together, the “Investors”) pursuant to which the Issuer agreed to issue and sell 8.5% senior secured notes in the aggregate principal amount of $15,000,000 to the Investors (each a “Note” and collectively, the “Notes”; and the transaction, “Financing”), for an aggregate purchase price of $14,850,000.
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318424000014/0000353184-24-000014-index.htm
- Material Agreements
  AIR T INC entered into Note Purchase Agreement with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust valued at $15,000,000 (effective 2024-02-22).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust
  - Value: $15,000,000
  - Effective: 2024-02-22
  source text: On February 22, 2024 (the “Closing Date”), Air T, Inc., a Delaware corporation (the “Company”), along with its wholly owned subsidiary AAM 24-1, LLC, a Minnesota limited liability company (the “Issuer”), entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, an “Investor” and together, the “Investors”) pursuant to which the Issuer agreed to issue and sell 8.5% senior secured notes in the aggregate principal amount of $15,000,000 to the Investors
  evidence_url: https://www.sec.gov/Archives/edgar/data/353184/000035318424000014/0000353184-24-000014-index.htm

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