AIR T INC (AIRT): debt financing — Air T subsidiary AAM 24-1 issues up to $100M 8.5% senior secured notes due 2035

AIR T INC

New Multiple Advance Note replaces prior $30M notes; 8.5% interest, semi-annual, matures May 31, 2035.
At closing $10M additional advanced, total $40M; remaining $60M in six $10M tranches through May 2027.
Collateral unchanged: all capital stock of AAM 24-1 and 320,000 shares of Air T Funding preferred (AIRTP).
Prepayment premiums: 2% if within 1 year, 1% if within 2 years; minimum partial prepayment $1M.
Institutional investors are Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust.

item 1.01 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 incurred senior notes of $100,000,000 with institutional investors at 8.5% maturing May 31, 2035.

Instrument: senior notes
Principal: $100,000,000
Counterparty: institutional investors
Rate: 8.5%
Maturity: May 31, 2035
Event: incurrence

Exact text from the filing

the Issuer agreed to issue and sell a Multiple Advance Senior Secured Note in an aggregate principal amount of up to $100,000,000

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Source: SEC EDGAR

accession 0000353184-25-000030

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