---
schema_version: "secwatch.filing_event.v1"
accession: "0000353184-24-000114"
form_type: "8-K"
ticker: "AIRT"
cik: "0000353184"
company_name: "AIR T INC"
filed_at: "2024-09-18T23:59:59+00:00"
generated_at: "2026-05-31T04:06:01.205172+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Air T subsidiary purchases two Airbus aircraft for >$18M; secures $10M term loan from Old National Bank

## Summary
- 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.

## SEC filing metadata
- accession: 0000353184-24-000114
- form_type: 8-K
- ticker: AIRT
- cik: 0000353184
- company_name: AIR T INC
- filed_at: 2024-09-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/353184/000035318424000114/0000353184-24-000114-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/353184/000035318424000114/airt-20240918.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000353184-24-000114
- JSON: https://secwatch.observer/filing/0000353184-24-000114.json
- Plain text: https://secwatch.observer/filing/0000353184-24-000114.txt

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