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v3.23.2

FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of March 31, 2023 and 2022:
(In Thousands) | March 31, 2023 |  | March 31, 2022 |  | Maturity Date |  | Interest Rate |  | Unused commitments
Air T Debt |  |  |  |  |  |  |  |  |
Revolver - MBT | $ | 8,742 |  |  | $ | 10,969 |  |  | 8/31/20232 |  | Greater of 2.50% or Prime - 1.00% |  | $ | 8,258 |
Overline Note - MBT | — |  |  | — |  |  | 3/31/20233 |  | Greater of 2.50% or Prime + 0.50% |  |
Term Note A - MBT | 7,762 |  |  | 8,542 |  |  | 8/31/2031 |  | 3.42% |  |
Term Note B - MBT | 2,740 |  |  | 3,014 |  |  | 8/31/2031 |  | 3.42% |  |
Term Note D - MBT | 1,338 |  |  | 1,405 |  |  | 1/1/2028 |  | 1-month LIBOR + 2.00% |  |
Term Note E - MBT | 800 |  |  | 2,316 |  |  | 6/25/2025 |  | Greater of LIBOR + 1.50% or 2.50% |  |
Term Note F - MBT | 983 |  |  | — |  |  | 1/31/2028 |  | Greater of 6.00% or Prime + 1.00% |  |
Promissory Note - CCI | — |  |  | — |  |  | 12/30/2022 |  | 10.00% |  |
Debt - Trust Preferred Securities | 25,598 |  |  | 25,567 |  |  | 6/7/2049 |  | 8.00% |  |
Total | 47,963 |  |  | 51,813 |  |  |  |  |  |  |
AirCo 1 Debt |  |  |  |  |  |  |  |  |
Term Loan - Park State Bank ("PSB") | 6,393 |  |  | 6,393 |  |  | 12/11/2025 |  | 3-month LIBOR + 3.00%4 |  |
Total | 6,393 |  |  | 6,393 |  |  |  |  |  |  |
Jet Yard Debt |  |  |  |  |  |  |  |  |
Term Loan - MBT | 1,844 |  |  | 1,943 |  |  | 8/31/2031 |  | 4.14% |  |
Total | 1,844 |  |  | 1,943 |  |  |  |  |  |  |
Contrail Debt |  |  |  |  |  |  |  |  |
Revolver - ONB | 12,441 |  |  | 3,843 |  |  | 9/5/2023 |  | 1-month LIBOR + 3.45%5 |  | 12,559 |
Term Loan G - ONB | 38,180 |  |  | 44,918 |  |  | 11/24/2025 |  | 1-month LIBOR + 3.00%6 |  |
Term Loan H - ONB | — |  |  | 8,698 |  |  | 8/18/2023 |  | Wall Street Journal (WSJ) Prime Rate + 0.75% |  |
Total | 50,621 |  |  | 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 | 9,586 |  |  | 9,837 |  |  | 12/2/2031 |  | 3.65% |  |
Total | 9,586 |  |  | 9,837 |  |  |  |  |  |  |
Air T Acquisition 22.1 |  |  |  |  |  |  |  |  |
Term Loan - Bridgewater | 4,500 |  |  | 5,000 |  |  | 2/8/2027 |  | 4.00% |  |
Term Loan A - ING | 2,610 |  |  | 3,341 |  |  | 2/1/2027 |  | 3.50% |  |
Term Loan B - ING | 1,088 |  |  | 1,114 |  |  | 5/1/2027 |  | 4.00% |  |
Total | 8,198 |  |  | 9,455 |  |  |  |  |  |  |
WASI Debt |  |  |  |  |  |  |  |  |
Promissory Note - Seller's Note | 1,279 |  |  | — |  |  | 1/1/2026 |  | 6.00% |  |
Total | 1,279 |  |  | — |  |  |  |  |  |  |
Total Debt | 125,914 |  |  | 136,932 |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (829) |  |  | (1,124) |  |  |  |  |  |  |
Total Debt, net | $ | 125,085 |  |  | $ | 135,808 |  |  |  |  |  |  |
Schedule of Maturities of Long-term Debt | At March 31, 2023, our contractual financing obligations, including payments due by period, are as follows (in thousands):
Fiscal year ended |  | Amount
2024 |  | $ | 38,736 |
2025 |  | 10,878 |
2026 |  | 27,034 |
2027 |  | 5,538 |
2028 |  | 4,016 |
Thereafter |  | 39,712 |
|  | 125,914 |
Unamortized Debt Issuance Costs |  | (829) |
|  | $ | 125,085 |
Schedule of Interest Income and Interest Expense Disclosure | The components of net interest expense during the years ended March 31, 2023 and March 31, 2022 are as follows (in thousands):
| March 31, 2023 |  | March 31, 2022
Contractual interest | $ | 7,932 |  |  | $ | 4,808 |
Amortization of deferred financing costs | 331 |  |  | 367 |
Interest income | (328) |  |  | (227) |
Total | $ | 7,935 |  |  | $ | 4,948 |

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