AIR T INC (AIRT): debt financing — Air T subsidiary Mountain Air Cargo enters $2.28M term loan with Bank of America, repays Alerus debt

AIR T INC

$2.28M variable-rate term loan from Bank of America, matures Feb 21, 2030; monthly principal installments of $9,500.
Interest at Term SOFR plus 1.75%; rate fixed via swap at 5.99448% as of Feb 25, 2025.
Loan secured by mortgage on real property at 5930 Balsom Ridge Road, Denver, NC.
Proceeds used to repay Term Note B with Alerus; Alerus consented via Amendment No. 2.
Covenants include fixed coverage ratio of at least 1.25:1.0, limits on debt and liens.

item 1.01 item 1.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AIR T INC amended credit facility with Alerus Financial, National Association.

Instrument: credit facility
Counterparty: Alerus Financial, National Association
Event: amendment

Exact text from the filing

Alerus Financial, National Association entered into Amendment No. 2 to Credit Agreement and Consent (“Amendment No. 2”) on February 21, 2025.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AIR T INC incurred term loan of $2,280,000 with Bank of America, N.A. at Term SOFR (Adjusted Periodically) plus one and 75/100 percentage points (1.75%) maturing February 21, 2030.

Instrument: term loan
Principal: $2,280,000
Counterparty: Bank of America, N.A.
Rate: Term SOFR (Adjusted Periodically) plus one and 75/100 percentage points (1.75%)
Maturity: February 21, 2030
Event: incurrence

Exact text from the filing

On February 21, 2025, Mountain Air Cargo, Inc (MAC), a wholly-owned subsidiary of Air T, Inc., entered into a $2,280,000 term loan with Bank of America, N.A.

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AIR T INC filing history →

Source: SEC EDGAR

accession 0000353184-25-000014

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