Company: AIRTP
Filing Date: 2025-04-04
Form Type: 8-K
Source: 0000353184-25-000017
Chunk: 0

Company: AIR T INC
Filing Date: 2025-04-04
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01 Entry into a Material Definitive Agreement

Amendment Of Alerus Financial Revolver to Add Overline Note

On March 31, 2025, AirCo, LLC, Airco 2, LLC, Air’ Zona Aircraft Services, Inc., AirCo Services, LLC, CSA Air, Inc., Global Ground Support, LLC, Jet Yard, LLC, Jet Yard Solutions, LLC, Mountain Air Cargo, Inc., Stratus Aero Partners, LLC, Worldwide Aircraft Services, Inc., and Worthington Aviation, LLC (the “ Borrowers”) under the Revolving Credit Agreement with Alerus Financial, National Association (“ Alerus”) entered into Amendment No. 3 to Credit Agreement (the “ Amendment”) with Alerus as well as a $3,000,000 Overline Note and an Amended and Restated Revolving Credit Note in the amount of $14,000,000. The purpose of the new agreements was to memorialize a new $3,000,000 overline revolving loan to cover seasonal borrowing needs and to remove certain borrowers from the loan obligations that have no further borrowing needs. The maturity date of the overline loan is October 31, 2025 or such earlier date on which the overline note becomes due and payable. The overline loan bears interest at the greater of five (5%) percent or the CME one-month term SOFR rate. The overline loan is secured by the terms of Security Agreement dated as of August 29, 2024. The co-borrowers released from the revolving credit agreement (including the overline note) are: AirCo, LLC, Airco 2, LLC, AirCo Services, LLC, and Stratus Aero Partners, LLC. The Amendment and the Overline Loan are effective March 31, 2025.

The foregoing summary of the terms of the Amendment and Overline Note are qualified in their entirety by reference to the Overline Note, the Amendment and the Amended and Restated Promissory Note filed as Exhibits 10.1, 10.2 and 10.3 herewith, which are incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant