secwatch.observer — SEC 8-K summary
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Issuer:     AIR T INC (AIRT)
CIK:        0000353184
Form:       8-K
Filed at:   2024-08-30T23:59:59+00:00
Accession:  0000353184-24-000108
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/353184/000035318424000108/0000353184-24-000108-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/353184/000035318424000108/airt-20240830.htm
  HTML page:      https://secwatch.observer/filing/0000353184-24-000108

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