Financing Arrangements (Tables)

9 Months Ended

Dec. 31, 2022

The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of December 31, 2022:


(In Thousands)	December 31, 2022		March 31, 2022		Maturity Date	Interest Rate	Unused commitments at December 31, 2022
Air T Debt
Revolver - MBT	$	8,843	$	10,969	8/31/2023	Greater of 2.50% or Prime - 1.00%	$	8,157
Overline Note - MBT	—		—		3/31/20231	Greater of 2.50% or Prime + 0.50%	$	5,000
Term Note A - MBT	7,961		8,542		8/31/2031	3.42%
Term Note B - MBT	2,809		3,014		8/31/2031	3.42%
Term Note D - MBT	1,355		1,405		1/1/2028	1-month LIBOR + 2.00%
Promissory Note - CCI	—		—		12/30/20222	10.00%
Term Note E - MBT	1,317		2,316		6/25/2025	Greater of LIBOR + 1.50% or 2.50%
Debt - Trust Preferred Securities	25,594		25,567		6/7/2049	8.00%
Total	47,879		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	1,869		1,943		8/31/2031	4.14%
Total	1,869		1,943

Contrail Debt
Revolver - Old National Bank ("ONB")	16,119		3,843		9/5/2023	1-month LIBOR + 3.45%	$	8,881
Term Loan G - ONB	44,918		44,918		11/24/2025	1-month LIBOR + 3.00%
Term Loan H - ONB	7,150		8,698		8/18/2023	Wall Street Journal (WSJ) Prime Rate + 0.75%
Total	68,187		57,459

Delphax Solutions Debt
Canadian Emergency Business Account Loan	30		32		12/31/2025	5.00%
Total	30		32

Wolfe Lake Debt
Term Loan - Bridgewater	9,651		9,837		12/2/2031	3.65%
Total	9,651		9,837

Air T Acquisition 22.1
Term Loan - Bridgewater	5,000		5,000		2/8/2027	4.00%
Term Loan A - ING	2,720		3,341		2/1/2027	3.50%
Term Loan B - ING	1,067		1,114		5/1/2027	4.00%
Total	8,787		9,455

Total Debt	142,796		136,932

Less: Unamortized Debt Issuance Costs	(912)		(1,124)
Total Debt, net	$	141,884	$	135,808

1 Earlier of 3/31/23 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 December 31, 2022, the Company has received $2.5 million of the ERC and $1.2 million of the federal income tax refunds.

2 On September 30, 2022, the Company executed a promissory note payable to CCI for $2.0 million. As of December 31, 2022, this note has been repaid.

Schedule of Maturities of Long-term Debt

At December 31, 2022, our contractual financing obligations, including payments due by period, are as follows (in thousands):


Due by	Amount
December 31, 2023	$	42,260
December 31, 2024	10,198
December 31, 2025	40,416
December 31, 2026	2,812
December 31, 2027	6,976
Thereafter	40,134
	142,796
Less: Unamortized Debt Issuance Costs	(912)
	$	141,884