Financing Arrangements (Tables)

6 Months Ended

Sep. 30, 2019

Borrowings of the Company and its subsidiaries are summarized below (in thousands) at September 30, 2019 and March 31, 2019, respectively. AirCo and Contrail Aviation (“Contrail”) are subsidiaries of the Company in the commercial jet engines and parts segment.


(In Thousands)	September 30, 2019		March 31, 2019		Maturity Date	Interest Rate	Unused commitments as of September 30, 2019
Revolver - MB&T	$	18,424	$	12,403	November 30, 2019	Prime - 1%	$	1,576
Term Note A - MB&T	8,250		8,750		January 1, 2028	1-month LIBOR + 2%
Term Note B - MB&T	4,125		4,375		January 1, 2028	4.5%
Term Note D - MB&T	1,574		1,607		January 1, 2028	1-month LIBOR + 2%
Debt - Trust Preferred Securities	9,632		—		June 7, 2049	8%
Air T Debt	42,005		27,135

Revolver - MB&T	—		3,820		May 21, 2019	7.5%
Revolver - MB&T	6,921		—		November 30, 2019	greater of 6.50% or Prime + 2%	3,078
Term Loan - MB&T	—		450		December 17, 2019	7.50%
Term Loan - MB&T	—		400		June 17, 2020	7.25%
Term Loan - Park State	—		2,100		June 17, 2020	8.50%
AirCo Debt	6,921		6,770

Revolver	—		—		September 5, 2021	1-month LIBOR + 3%	20,000
Term Loan A	7,466		8,617		January 26, 2021	1-month LIBOR + 3.75%
Term Loan B	6,500		15,500		September 14, 2021	1-month LIBOR + 3.75%
Term Loan C	12,805		—		August 1, 2024	1-month LIBOR + 3.75%
Contrail Debt - Old National	26,771		24,117

Total Debt	75,697		58,022

Less: Unamortized Debt Issuance Costs	(317)		(369)
Total Debt, net	$	75,380	$	57,653

Schedule of Maturities of Long-term Debt

At September 30, 2019, our contractual financing obligations, including payments due by period, are as follows (in thousands):


Due by	Amount
September 30, 2020	$	29,836
September 30, 2021	17,535
September 30, 2022	4,172
September 30, 2023	4,271
September 30, 2024	4,138
Thereafter	15,745
	75,697
Less: Unamortized Debt Issuance Costs	(317)
	$	75,380

Schedule of Warrant Fair Value


	Fair Value Measurement as of September 30, 2019
Warrant liability (Level 2)	$	614,720

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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