Air T adds $3M overline credit facility for seasonal needs; releases four borrowers from Alerus agreement

AIR T INC

Added $3,000,000 overline revolving loan with Alerus, maturing October 31, 2025; interest at greater of 5% or SOFR + 2%.
Four borrowers (AirCo, Airco2, AirCo Services, Stratus Aero) released from credit agreement; remaining borrowers assume obligations.
Amended and restated revolving credit note to $14,000,000; overall borrowing base formula unchanged.
Seasonal facility covers peak borrowing period; amendment effective March 31, 2025.

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