AIR T INC (AIRT): debt financing — 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.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

AIR T INC incurred revolving credit of $3,000,000 Overline Note with Alerus Financial, National Association at greater of five (5%) percent or the CME one-month term SOFR rate maturing October 31, 2025.

Instrument: revolving credit
Principal: $3,000,000 Overline Note
Counterparty: Alerus Financial, National Association
Rate: greater of five (5%) percent or the CME one-month term SOFR rate
Maturity: October 31, 2025
Event: incurrence

Exact text from the filing

the Revolving Credit Agreement with Alerus Financial, National Association (“Alerus”) entered into Amendment No. 3 to Credit Agreement (the “Amendment”) with Alerus as well as a $3,000,000 Overline Note and an Amended and Restated Revolving Credit Note in the amount of $14,000,000. The purpose of the new agreements was to memorialize a new $3,000,000 overline

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Source: SEC EDGAR

accession 0000353184-25-000017

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