secwatch.observer — SEC 8-K summary
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Issuer:     AIR T INC (AIRT)
CIK:        0000353184
Form:       8-K
Filed at:   2024-09-18T23:59:59+00:00
Accession:  0000353184-24-000114
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/353184/000035318424000114/0000353184-24-000114-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/353184/000035318424000114/airt-20240918.htm
  HTML page:      https://secwatch.observer/filing/0000353184-24-000114

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