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.

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