Parks America subsidiary refinances $2.33M term loan with Cendera Bank, removes $2.5M cash collateral requirement

PARKS AMERICA, INC

Principal $2.33M; maturity June 1, 2033; 25-year amortization with balloon.
Initial variable rate SOFR+2.70% (6.34%) swapped to fixed 6.99% via rate conversion agreement with SouthState Bank.
Refinancing removes $2.5M cash collateral reserve required under original September 2024 term loan.
Minimum Debt Service Coverage Ratio of 1.20x required for both guarantor and borrower on trailing 12 months.
Loan secured by substantially all Aggieland-Parks assets; parent Parks America guarantees.

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