Air T Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
$AIRT
Air Freight/Delivery Services
Consumer Discretionary
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 30, 2023
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Item 1.01 Entry into a Material Definitive Agreement.
Amendment Of Old National Bank Revolver
On August 30, 2023, Contrail Aviation Support, LLC (“CAS”) a 79%-owned subsidiary of Air T, Inc., entered into the Sixth Amendment to Supplement #2 to Master Loan Agreement and the Fifth Amended and Restated Promissory Note with Old National Bank (“ONB”). The principal purpose of the amended documents was to extended the maturity date of the revolving $25,000,000 facility provided by ONB to November 24, 2025 or such earlier date on which the revolving note becomes due and payable pursuant to the supplement or the master loan agreement. The material terms of the revolving facility remain the same, including the payment terms and interest rate except that the change in control event of default provision was revised to provide as follows: “(h) Control in Control of Operations. If the CEO Joe Kuhn, or a CEO acceptable to the Lender, in its reasonable discretion, has its employment with the Borrowers terminated for any reason, or ceases to oversee the day-to-day operations of Borrowers.” The amended documents are effective September 5, 2023.
The foregoing summary of the terms of the amended agreement and promissory note are qualified in their entirety by reference to the amendment and amended and restated promissory note filed as Exhibits 10.1 and 10.2 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.
To the extent required by Item 2.03 of Form 8-K, the information contained in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits
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| 10.2 | |||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 5, 2023
AIR T, INC.
By: /s/ Brian Ochocki
Brian Ochocki, Chief Financial Officer