XML 35 R24.htm IDEA: XBRL DOCUMENT v3.22.1
Note 15 - Subsequent Events
 3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 15.

Subsequent Events

 

On May 4, 2022, we entered into an amendment to the Credit Facility (the "Nineteenth Amendment"). Among other changes, the Nineteenth Amendment: (i) extended the maturity date from October 23, 2025 to May 4, 2027; (ii) increased the maximum amount that eligible rolling stock can contribute to the borrowing base from $45.0 million to $65.0 million; (iii) increased the borrowing “accordion” feature, pursuant to which the Company can request and, at the lenders’ discretion, obtain an increase in the revolving credit facility commitments from an incremental $50.0 million to an incremental $75.0 million; (iv) removed LIBOR as one of the reference rates on which the interest rate can be calculated and replaced it with the secured overnight financing rate or “SOFR,” plus a SOFR related increase of 10 to 25 basis points depending on the term of SOFR selected by the Company; (v) removed real estate and certain rolling stock that is not designated by the Company as being included in the borrowing base from the Agent’s collateral package; and (vi) added AAT as a borrower and pledger of its assets under the Credit Facility. We do not anticipate that transitioning from LIBOR to SOFR will have a material impact on our financial statements. The Nineteenth Amendment also modified certain restrictions and minimum borrowing availability requirements to provide increased flexibility to finance and dispose of real estate and rolling stock and to engage in stock repurchases, dividends, acquisitions, and investments.

 

We repurchased an additional 0.6 million shares of our Class A common stock for $11.9 million from April 1, 2022 through May 4, 2022.