Chicago, Feb. 26 – Air T, Inc. and subsidiary AAM 24-1, LLC sold $15 million of 8.5% senior secured notes due 2031 to Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust, according to an 8-K filing with the Securities and Exchange Commission.
The notes come with prepayment protection at 102 for the first year and 101 for the second year.
Security for the notes is all of the capital stock of the issuer. Further, 160,000 $25.00-par preferred securities are pledged to the investors.
The aggregate purchase price for the notes was $14.85 million.
Air T is based in Charlotte, N.C. The holding company addresses overnight air cargo, aircraft parts and aviation ground support equipment.
| Issuer: | Air T, Inc. and AAM 24-1, LLC
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| Buyers: | Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust
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| Amount: | $15 million
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| Issue: | Senior secured notes
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| Maturity: | Feb. 22, 2031
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| Coupon: | 8.5%
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| Settlement date: | Feb. 22
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| Distribution: | Private placement
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