Financing Arrangements (Tables)

6 Months Ended

Sep. 30, 2022

The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of September 30, 2022:


(In Thousands)	September 30, 2022		March 31, 2022		Maturity Date	Interest Rate	Unused commitments at September 30, 2022
Air T Debt
Revolver - MBT	$	17,000	$	10,969	8/31/2023	Greater of 2.50% or Prime - 1.00%	$	—
Overline Note - MBT	879		—		3/31/20231	Greater of 2.50% or Prime + 0.50%	$	4,121
Term Note A - MBT	8,157		8,542		8/31/2031	3.42%
Term Note B - MBT	2,878		3,014		8/31/2031	3.42%
Term Note D - MBT	1,371		1,405		1/1/2028	1-month LIBOR + 2.00%
Promissory Note - CCI	2,000		—		12/30/2022	10.00%
Term Note E - MBT	1,997		2,316		6/25/2025	Greater of LIBOR + 1.50% or 2.50%
Debt - Trust Preferred Securities	25,590		25,567		6/7/2049	8.00%
Total	59,872		51,813

AirCo 1 Debt
Term Loan - Park State Bank	6,393		6,393		12/11/2025	3-month LIBOR + 3.00%
Total	6,393		6,393

Jet Yard Debt
Term Loan - MBT	1,894		1,943		8/31/2031	4.14%
Total	1,894		1,943

Contrail Debt
Revolver - Old National Bank ("ONB")	10,143		3,843		9/5/2023	1-month LIBOR + 3.45%	$	14,857
Term Loan G - ONB	44,918		44,918		11/24/2025	1-month LIBOR + 3.00%
Term Loan H - ONB	12,101		8,698		8/18/2023	Wall Street Journal (WSJ) Prime Rate + 0.75%
Total	67,162		57,459

Delphax Solutions Debt
Canadian Emergency Business Account Loan	29		32		12/31/2025	5.00%
Total	29		32

Wolfe Lake Debt
Term Loan - Bridgewater	9,714		9,837		12/2/2031	3.65%
Total	9,714		9,837

Air T Acquisition 22.1
Term Loan - Bridgewater	5,000		5,000		2/8/2027	4.00%
Term Loan A - ING	2,632		3,341		2/1/2027	3.50%
Term Loan B - ING	975		1,114		5/1/2027	4.00%
Total	8,607		9,455

Total Debt	153,671		136,932

Less: Unamortized Debt Issuance Costs	(988)		(1,124)
Total Debt, net	$	152,683	$	135,808

1 Earlier of 8/31/23 or the date on which Air T has received the payment from the federal income tax refunds in the amount of approximately $2.6 million and Employee Retention Tax Credits in an amount not less than $9.1 million. As of September 30, 2022, the Company has received $1.4 million of the ERC and none of the federal income tax refunds.

Schedule of Maturities of Long-term Debt

At September 30, 2022, our contractual financing obligations, including payments due by period, are as follows (in thousands):


Due by	Amount
September 30, 2023	$	44,704
September 30, 2024	10,130
September 30, 2025	12,183
September 30, 2026	39,085
September 30, 2027	5,982
Thereafter	41,587
	153,671
Less: Unamortized Debt Issuance Costs	(988)
	$	152,683