Air T enters $14M secured credit facility with Alerus Financial, replaces prior debt

AIR T INC

New $14M revolving credit facility plus $10.72M Term Note A and $2.28M Term Note B.
Revolver matures Feb 2026; term loans mature Aug 2029; interest = greater of 5% or SOFR+2%.
Borrowing base limits revolver; financial covenants: debt service coverage ≥1.25x, leverage ≤3.00x.
Proceeds used to repay existing Minnesota Bank & Trust facility; no termination penalties incurred.
Collateral includes substantially all current assets, a brokerage account, and 4.626 acres in NC.

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