On December 20, 2019, Contrail Aviation Leasing Ireland DAC, CRO No. 662616 (“CAL-Ireland), a wholly-owned subsidiary of Contrail Aviation Support, LLC (“CAS”), a 79%-owned subsidiary Air T, Inc. (the “Company”), completed a purchase of one Airbus A320-200 airframe with serial number 1183 and two V2527-A5 engines with serial numbers V10682 and V10683 (collectively, “Aircraft 1183”) pursuant to a sale agreement dated the same date. The transaction value for the purchase exceeded $10,000,000.* The Aircraft is subject to a lease, novated by CAL-Ireland as the lessor.
On December 20, 2019, Contrail acquired one Airbus A321-100 aircraft with serial number 576 and two CFM56-5B2 engines with serial numbers 779171 and 779177 from Diamond Head 3 (Ireland) DAC (collectively, “Aircraft 576”). Aircraft 5763 is the second of three aircraft to be purchased pursuant to that Aircraft Sale and Purchase Agreement dated June 4, 2019. The total transaction value for the purchase of Aircraft 576 exceeded $8,000,000.* While the parties project a closing date of January 1, 2020 for the one remaining aircraft, there is no assurance at this time that the closing will occur.
On December 23, 2019, Aircraft MSN 29922 Trust, a trust controlled by Contrail Aviation Leasing, LLC, a wholly-owned subsidiary of CAS (“CAL”, and together with CAS and CAL-Ireland, the “Subsidiaries”), completed a sale of one Boeing 737-800 Aircraft with serial number 29922 and two CFM International, Inc., model CFM56-7B24 engines with serial numbers 890420 and 890421, pursuant to that Purchase Agreement dated December 13, 2019. The total transaction value exceeded $10,000,000.*