Parks America subsidiary refinances $2.33M term loan, removes $2.5M cash collateral reserve

PARKS AMERICA, INC

Aggieland-Parks, Inc. entered into $2.33M term loan with Cendera Bank, maturing June 1, 2033.
Interest rate: 1-month SOFR + 2.70% (initial 6.34%), fixed at 6.99% via rate conversion agreement.
Refinancing eliminates $2.5M cash collateral reserve previously required, improving liquidity.
Loan guaranteed by parent Parks America; financial covenant: minimum DSCR of 1.20x.
Fees and expenses of ~$14,900 paid in connection with the loan.

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