New funds to boost air cargo business
Air T, a Charlotte (NC, USA)-based portfolio of independent businesses and financial assets, including overnight air cargo, has completed a private placement of USD 4 million of its 8% Trust Preferred Securities (TruPs) at a price of USD 17 per share for a 12.1% yield to maturity.
This offering complements the company’s currently active programme to sell up to USD 5.4 million of 8% TruPs through its at-the-market offering.
Among others, this nearly 30-year capital will enable to enhance maintenance programmes for the Air T's recently acquired subsidiary, Worldwide Aviation Services' ATR, SAAB 340 and Embraer operators.
It will also help to meet the working capital needs of Mountain Air Cargo, which acquired 13 more aircraft during calendar year 2023 in support of its largest air cargo customer, FedEx Express. (ah)