AIRTP Air T, Inc. - Air T Funding Trust 8% Preferred Securities
These are preferred securities in a trust that holds 8% Junior Subordinated Debentures (the “Debentures”) to be issued by the Company. The Debentures will mature on June 7, 2049. Holders of the Capital Securities will be entitled to receive preferential cumulative cash distributions accruing from the date of original issuance and payable quarterly in arrears on the 15th day of February, May, August and November of each year (subject to possible deferral as described below), commencing August 15, 2019, at the annual rate of 8% of the Liquidation Amount of $25 per Capital Security (“Distributions”). At any time on or after June 7, 2024, the Capital Securities are subject to mandatory redemption, in whole or in part, upon repayment of the underlying Junior Subordinated Debentures at maturity or to the extent of their earlier redemption in an amount equal to the amount of Junior Subordinated Debentures maturing or being redeemed. The redemption price will equal the aggregate liquidation preference of the Capital Securities plus any accumulated and unpaid Distributions thereon to the date of redemption. At any time on or after June 7, 2024, the Company will have the right to defer payments of interest on the Junior Subordinated Debentures at any time or from time to time for a period not exceeding 20 consecutive quarters with respect to each deferral period (each, an “Extension Period”), provided that no Extension Period may extend beyond the Stated Maturity of the Junior Subordinated Debentures. This security was issued by Air T Inc, whose common stock symbol is AIRT.
$22.29 -0.11 (-0.49%)
As of 01/24/2023 16:00:00 EST IEX book CBOE book
Security Information
Category1: US Equity
Category2: Preferred stocks
Category3: Non-convertible
GICS sector: Industrials
Industry: Integrated Freight & Logistics
Index country: USA
Country of incorporation: USA
IPO date: 06/11/2019
Outstanding shares: 840,000
Average volume: 1,919
Market cap: $18,354,000
Current dividend yield: 9.15% calculation
Coupon rate: 8.000%
Cumulative: Yes
Liquidation value: $25.00
Callable after: 06/07/2024
Maturity date: 06/07/2049
Prospectus: Read on SEC.gov
All SEC filings: SEC Edgar Online
Quarterly filings: 10-Q
Annual filings: 10-K
Sedol: