Air T upsizes senior secured notes to $30M at 8.5% with Honeywell investors

AIR T INC

Issuer AAM 24-1, LLC issued $30M 8.5% senior secured notes due March 1, 2031 to Honeywell funds.
New $15M tranche added to existing $15M Original Financing from Feb 2024.
Interest payable semi-annually at 8.5% on 30/360 basis; prepayment premiums of 2% (Year 1) and 1% (Year 2).
Collateral includes all Issuer capital stock, existing 160K AIRTP shares, plus 160K newly issued AIRTP shares.
Maturity extended to March 2031; original notes had Feb 2031 maturity.

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