Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 111

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 1A
Chunk 111
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,327 Air T Acquisition 22.1Term Loan - Bridgewater3,500 4,000 2/8/20274.00%Non-recourseTerm Loan A - ING1,298 1,946 2/1/20273.50%Non-recourseTerm Loan B - ING1,082 1,081 5/1/20274.00%Non-recourseTotal5,880 7,027 WASI Debt

3 Term Loan - PSB was fully paid off prior to the maturity date.

4 Includes Air T's guarantee of approximately $1.6 million.

5 Term Loan G - ONB and Term Note I - ONB were fully paid off prior to their respective maturity dates.

72

Promissory Note - Seller's Note398 849 1/1/20266.00%Non-recourseTotal398 849 AAM 24-1 DebtPromissory Notes - Institutional Investors30,000 15,000 3/1/20318.50%Non-recourseTotal30,000 15,000 MAC DebtTerm Loan - BofA2,271 — 2/21/20301-month SOFR + 0.11% + 1.75%Non-recourseTotal2,271 — Total Debt110,704 113,459 Unamortized Premiums and Debt Issuance Costs(379)(533)Total Debt, net$110,325 $112,926 Fiscal year 2025's weighted average interest rate on short term borrowings outstanding was 7.68%. The weighted average interest rate on short term borrowings outstanding as of March 31, 2024 was 8.88%.The New Credit Agreement between Alerus Loan Parties and Alerus includes several covenants that are measured twice a year at September 30 and March 31, including but not limited to, a negative covenant requiring a debt service coverage ratio of 1.25 and a leverage ratio greater than 3.00.The Contrail Credit Agreement with ONB contains affirmative and negative covenants, including covenants that restrict the ability of Contrail and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of its business, and engage in transactions with affiliates. The Contrail Credit