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.

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