secwatch.observer — SEC 8-K summary
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Issuer:     AIR T INC (AIRT)
CIK:        0000353184
Form:       8-K
Filed at:   2025-02-26T23:59:59+00:00
Accession:  0000353184-25-000014
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Air T subsidiary Mountain Air Cargo enters $2.28M term loan with Bank of America, repays Alerus debt
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/353184/000035318425000014/0000353184-25-000014-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/353184/000035318425000014/airt-20250226.htm
  HTML page:      https://secwatch.observer/filing/0000353184-25-000014

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer