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.

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