secwatch.observer — SEC 8-K summary
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Issuer:     PARKS AMERICA, INC (PRKA)
CIK:        0001297937
Form:       8-K
Filed at:   2026-06-24T21:14:24+00:00
Accession:  0001493152-26-029952
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1297937/000149315226029952/0001493152-26-029952-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1297937/000149315226029952/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-029952

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