The refinancing improves parent company liquidity by releasing the $2.5M cash collateral reserve, but the new debt is modest and the fixed rate is reasonable. Monitor quarterly compliance with the 1.20x DSCR covenant; no immediate catalyst for stock movement.
Price Chart
Executive Summary
Parks! America's subsidiary Aggieland-Parks refinanced a $2.33 million term loan with Cendera Bank, extending maturity to June 2033 and fixing the interest rate at 6.99% via a swap. The refinancing removes a $2.5 million cash collateral reserve, improving parent company liquidity. The loan carries a minimum 1.20x Debt Service Coverage Ratio covenant for both borrower and guarantor.
Key Financial Metrics
Key Facts
- Principal balance of $2.33 million, maturing June 1, 2033
- 7-year term with 25-year amortization; initial monthly payment ~$16,561
- Interest rate fixed at 6.99% via swap (1-month SOFR + 2.70% swapped to fixed)
- Removes $2.5 million cash collateral reserve from original 2024 loan
- Secured by substantially all Aggieland-Parks assets; guaranteed by Parks! America
- Financial covenant: minimum Debt Service Coverage Ratio of 1.20x for both borrower and guarantor
Financial Impact
Eliminates $2.5M cash collateral requirement; new debt of $2.33M at 6.99% fixed rate
Risk Factors
- Failure to maintain 1.20x DSCR covenant could trigger default
- Interest rate swap counterparty risk with SouthState Bank
- Balloon payment at maturity in 2033 requires refinancing or cash
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-029952 |
| Exhibit: ex10-3.htm | 0001493152-26-029952 |
| Exhibit: ex10-1.htm | 0001493152-26-029952 |
| Document: form8-k.htm | 0001493152-26-029952 |
| Document: 0001493152-26-029952-index-headers.html | 0001493152-26-029952 |
| Document: 0001493152-26-029952-index.html | 0001493152-26-029952 |
| Document: 0001493152-26-029952.txt | 0001493152-26-029952 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 13d ago | 8-K | $40.99 | awaiting T+20 | — | $40.11 (−2.15%) |
Jun 24, 2026 17w ago | 8-K | $41.00 $39.00 | ▼ −4.88% | ▼ −5.41% | $40.11 (−2.17%) |
Apr 8, 2026 28w ago | 8-K | $35.10 $36.52 | ▲ +4.05% | ▼ −3.52% | $40.11 (+14.27%) |
US Market Status
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