FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Mar. 31, 2022

The following table provides certain information about the current financing arrangements of the Company's and its subsidiaries as of March 31, 2022 and 2021:


(In Thousands)	March 31, 2022		March 31, 2021		Maturity Date	Interest Rate	Unused commitments
Air T Debt
Revolver - MBT	$	10,969	$	—	8/31/2023	Greater of 2.50% or Prime - 1.00%	$	6,031
Term Note A - MBT	8,542		6,750		8/31/2031	3.42%
Term Note B - MBT	3,014		3,375		8/31/2031	3.42%
Term Note D - MBT	1,405		1,472		1/1/2028	1-month LIBOR + 2.00%
Term Note E - MBT	2,316		4,706		6/25/2025	Greater of LIBOR + 1.50% or 2.50%
Debt - Trust Preferred Securities	25,567		14,289		6/7/2049	8.00%
PPP Loan	—		8,215		12/24/20221	1.00%
Total	51,813		38,807

AirCo 1 Debt
Term Loan - Park State Bank ("PSB")	6,393		6,200		12/11/2025	3-month LIBOR + 3.00%
Total	6,393		6,200

Jet Yard Debt
Term Loan - MBT	1,943		—		8/31/2031	4.14%
Total	1,943		—

Contrail Debt
Revolver - ONB	3,843		—		9/5/2023	1-month LIBOR + 3.45%	21,157
Term Loan G - ONB	44,918		43,598		11/24/2025	1-month LIBOR + 3.00%
Term Loan H - ONB	8,698		—		8/18/2023	Wall Street Journal (WSJ) Prime Rate + 0.75%
Total	57,459		43,598

Delphax Solutions Debt
Canadian Emergency Business Account Loan	32		32		12/31/2025	5.00%
Total	32		32

Wolfe Lake Debt
Term Loan - Bridgewater	9,837		—		12/2/2031	3.65%
Total	9,837		—

Air T Acquisition 22.1
Term Loan - Bridgewater	5,000		—		2/8/2027	4.00%
Term Loan A - ING	3,341		—		2/1/2027	3.50%
Term Loan B - ING	1,114		—		5/1/2027	4.00%
Total	9,455		—

Total Debt	136,932		88,637

Less: Unamortized Debt Issuance Costs	(1,124)		(1,141)
Total Debt, net	$	135,808	$	87,496

Schedule of Maturities of Long-term Debt

At March 31, 2022, our contractual financing obligations, including payments due by period, are as follows (in thousands):


Fiscal year ended	Amount
2023	$	6,482
2024	29,854
2025	10,242
2026	41,459
2027	5,354
Thereafter	43,541
	136,932
Less: Unamortized Debt Issuance Costs	(1,124)
	$	135,808

Interest Income and Interest Expense Disclosure

The components of net interest expense during the years ended March 31, 2022 and March 31, 2021 are as follows (in thousands):


	March 31, 2022		March 31, 2021
Contractual interest	$	4,808	$	4,352
Amortization of deferred financing costs	367		288
Interest income	(227)		(16)
Total	$	4,948	$	4,624