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4-Traders Homepage  >  Equities  >  Nasdaq  >  Air T, Inc.    AIRT

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Air T, Inc. (NASDAQ:AIRT) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

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05/10/2017 | 02:11pm CEST

Air T, Inc. (NASDAQ:AIRT) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

Item2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement
of a Registrant

On May5, 2017, Contrail Aviation Support, LLC (Contrail), a
partially owned subsidiary of Air T, Inc. (AirT or the Company),
entered into a Business Loan Agreement (the Loan Agreement) with
Old National Bank. The Loan Agreement provides for revolving
credit borrowings by Contrail in an amount up to $15,000,000 and
replaces the revolving credit facility that Contrail had entered
into with BMO Harris Bank N.A. on July18, 2016. Borrowings under
the Loan Agreement will bear interest at an annual rate equal to
one-month LIBOR plus 3.00%.

The obligations of Contrail under the Loan Agreement are secured
by a first-priority security interest in substantially all of the
assets of Contrail and are also guaranteed by the Company, with
such guaranty limited in amount to a maximum of $1,600,000, plus
interest on such amount at the rate of interest in effect under
the Loan Agreement, plus costs of collection.

The Loan Agreement contains affirmative and negative covenants,
including covenants that restrict Contrails ability to make
acquisitions or investments, make certain changes to its capital
structure, and engage in any business substantially different
that it presently conducts. The Loan Agreement also contains
financial covenants applicable to Contrail, including maintenance
of a Cash Flow Coverage Ratio of 2.0 to 1.0, a Tangible Net Worth
of not less than $3,500,000, and a Debt Service Coverage Ratio of
1.1 to 1.0, as such terms are defined in the Loan Agreement.

The Loan Agreement contains events of default including, without
limitation, nonpayment of principal, interest or other
obligations, violation of covenants, if both Contrails current
chief executive officer and chief financial officer cease to
oversee day-to-day operations of Contrail, cross-default to other
debt, bankruptcy and other insolvency events, actual or asserted
invalidity of loan documentation, or material adverse changes in
Contrails financial condition.

The foregoing summary of the terms of the Loan Agreement does not
purport to be complete and is qualified in its entirety by
reference to the Loan Agreement, which is filed as Exhibit 10.1
hereto and is incorporated by reference herein.

Item9.01 Financial Statements and Exhibits

Exhibit

Description

10.1 Business Loan Agreement dated as of May5, 2017 between
Contrail Aviation Support, LLC and Old National Bank

About Air T, Inc. (NASDAQ:AIRT)
Air T, Inc. is a holding company. The Company operates through five segments: overnight air cargo, ground equipment sales, ground support services, printing equipment and maintenance, and leasing. The company’s overnight air cargo segment operates in the air express delivery services industry. The ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the United States military and industrial customers. The ground support services segment provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The Company’s leasing segment provides funding for equipment leasing transactions. Air T, Inc. (NASDAQ:AIRT) Recent Trading Information
Air T, Inc. (NASDAQ:AIRT) closed its last trading session down -0.10 at 19.05 with 559 shares trading hands.

The post Air T, Inc. (NASDAQ:AIRT) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant appeared first on Market Exclusive.

© Market Exclusive 2017, source Market Exclusive

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NameTitle
Nicholas John Swenson Chairman, President & Chief Executive Officer
Candice L. Otey CFO, Secretary, Treasurer & Vice President-Finance
Seth G. Barkett Independent Director
Andrew Osborne Independent Director
William Ryan Foudray Independent Director
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