Company: AIRTP
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0000353184-25-000009
Chunk: 47

Company: AIR T INC
Filing Date: 2025-02-12
Form: 10-Q
Item: Item 8
Chunk 47
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’s previously disclosed Note Purchase Agreement (the “Original NPA”), which was filed in a Current Report on Form 8-K on February 26, 2024. Under the Original NPA, AAM 24-1 had issued and sold $15.0 million of 8.5% senior secured notes. The Second NPA amended and restated the amount issued and sold to $30.0 million of 8.5% senior secured notes (collectively the "Notes") to Honeywell, which includes the $15.0 million from the Original NPA bringing the total indebtedness to $30.0 million. The Notes mature on March 1, 2031 and bear an annual interest at a rate of 8.5%. In addition to the 160,000 previously pledged TruPs, 160,000 newly-issued shares of TruPs held by AAM 24-1 are now pledged to Honeywell, in connection with the closing of the Second NPA.The following table provides certain information about the current financing arrangements of the Company and its subsidiaries (other than related party obligations) as of December 31, 2024:(In Thousands)December 31,2024March 31,2024Maturity DateInterest RateUnused commitments at December 31, 2024Type of DebtAir T DebtRevolver - MBT1$— $— 8/31/2024SOFR + range of 2.25% - 3.25%RecourseTerm Note A - MBT1— 6,955 8/31/20313.42%RecourseTerm Note B - MBT1— 2,456 8/31/20313.42%RecourseTerm Note D - MBT1— 1,271 1/1/20281-month LIBOR + 2.00%RecourseTerm Note F - MBT1— 783 1/31/2028Greater of 6.00% or Prime + 1.00%RecourseDebt - Trust Preferred Securities234,917 34,214 6/7/20498.00%RecourseTotal34,917 45,679 Jet Yard DebtTerm Loan - MBT1— 1,749 8/31/20314.14%RecourseTotal— 1,749 Alerus Loan Parties DebtRevolver - Alerus9,113 —