AIR T INC (AIRT): M&A transaction — Air T subsidiary purchases two Airbus aircraft for >$18M; secures $10M term loan from Old National Bank

AIR T INC

CASP Leasing I (95%-owned) bought an A320 and A321 for over $18 million on Sept 12, 2024.
Financed via $10M Term Note J from Old National Bank at 1-month SOFR + 3.8648%, maturing Sept 12, 2028.
Loan requires monthly principal payments of ~$208,333 plus interest; covenants: min Tangible Net Worth $15M, quarterly cash flow coverage ≥1.25x.
Also executed Fifth Amendment to Master Loan Agreement and subordination agreement with OCAS, Inc. regarding $4.57M promissory note.

item 1.01 item 2.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

AIR T INC completed an acquisition for $18,000,000 (closed 2024-09-12).

Action: acquisition
Consideration: $18,000,000
Closing: 2024-09-12

Exact text from the filing

On September 12, 2024, CASP Leasing I, LLC (“CASP”), a 95% owned subsidiary of Contrail Aviation Support, LLC (“CAS”), completed the purchase of two airplanes - an Airbus A320 aircraft and an Airbus A321 aircraft. The total transaction value for the aircraft purchases exceeded $18,000,000

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AIR T INC filing history →

Source: SEC EDGAR

accession 0000353184-24-000114

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