Loan & DebtJun 24, 2026, 05:17 PM
Parks! America Subsidiary Refinances $2.33M Loan
AI Summary
Parks! America, Inc.'s wholly owned subsidiary, Aggieland-Parks, Inc., completed a refinancing transaction for a $2.33 million term loan with Cendera Bank. The loan matures on June 1, 2033, with a seven-year term and 25-year amortization. An interest rate swap converts the initial variable rate of 6.34% to a fixed rate of 6.99% for the loan's duration. This refinancing also removes a $2.5 million cash collateral reserve requirement, enhancing the company's financial flexibility.
Key Highlights
- Aggieland-Parks refinanced a $2.33 million term loan with Cendera Bank.
- Loan matures June 1, 2033, with a 7-year term and 25-year amortization.
- Initial variable interest rate is 6.34% (CME 1-month SOFR + 2.70%).
- Interest rate swap converts to a fixed rate of 6.99% over the loan term.
- Approximately $14,900 paid in fees and expenses for the refinancing.
- Removes a $2.5 million cash collateral reserve requirement.
- Loan is secured by Aggieland-Parks assets and guaranteed by Parks! America.
- Includes a minimum Debt Service Coverage Ratio covenant of 1.20:1.00.
Price Impact
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