Company: AIRTP
Filing Date: 2025-09-05
Form Type: 8-K
Source: 0000353184-25-000104
Chunk: 0

Company: AIR T INC
Filing Date: 2025-09-05
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01 Entry into a Material Definitive Agreement

On September 3, 2025, Air’ Zona Aircraft Services, Inc., CSA Air, Inc., Global Ground Support, LLC, Jet Yard, LLC, Jet Yard Solutions, LLC, Mountain Air Cargo, Inc., Royal Aircraft Services, LLC, Worldwide Aircraft Services, Inc., and Worthington Aviation, LLC (the “ Borrowers”) and Air T, Inc. (the “ Guarantor”) entered into a number of agreements with Alerus Financial, National Association (“ Alerus”) relating to the Alerus Revolving Credit Financing and Term Note A.

The transactions included the following:

(i) Amendment No. 5 to Credit Agreement (“ Amendment No. 5”) and Amended and Restated Revolving Credit Note. The Borrowers and Alerus entered into Amendment No. 5 to the revolving credit agreement and an Amended and Restated Revolving Credit Note. The principal changes of the amendments include the following:

1. The interest rate was decreased to 1-month SOFR plus 1.90%;

2. The maturity date was extended to August 28, 2027;

3. The revolving credit commitment to make revolving credit loans and to issue letters of credit was increased to an aggregate principal amount not to exceed $20,000,000;

4. The financial covenants are to be measured semi-annually at December and March of each year and the Borrowers are to deliver quarterly financial statements to Alerus; and,

5. The overline note provisions and note have been eliminated.

i. Amended and Restated Term Note A and Swap Arrangement. Term Note A was amended and restated on September 3, 2025 by the Borrowers in the principal amount of $9,188,571.40. The maturity date remains August 15, 2029. The amended and restated note interest rate was revised to 1-month SOFR plus 2.00% and the Borrowers entered into a swap arrangement through the termination date of August 15, 2029 with respect to the amended and restated note. The fixed rate following the swap arrangement is 5.62%.

i. The revolving credit agreement and note remain secured by the terms of Security Agreement dated as of August 29, 2024 and the Guarantor acknowledged and agreed to the revisions of the credit agreement and amended and restated Term Note A and reaffirmed its guarantees and pledges. The