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Parks America, Inc
8-K
On September 3, 2026, Wild Animal Safari, Inc., (“Wild Animal – Georgia”) a wholly owned subsidiary of Parks!
America, Inc. (the “Company”), entered into a term loan credit agreement with Cendera Bank dated August 26, 2026 which provides the Company a term loan with a principal balance of $1.30 million (“2026 Term Loan”), the proceeds of which were used to repay all the indebtedness under the Term Loan Credit Agreement, dated June 18, 2021 between the Company and Synovus Bank.
The 2026 Term Loan will mature on September 1, 2033 and has a term of seven years, with a 25-year amortization, and a balloon payment of the outstanding principal balance due on September 1, 2033.
The applicable interest rate of the 2026 Term Loan is based on an adjusted rate equal to the Chicago Mercantile Exchange (“CME”)
1-month term Secured Overnight Financing Rate (“SOFR”) plus 2.70%. The CME 1-month term SOFR was 3.67% as of August 26, 2026 providing an initial interest rate of 6.37%.
On September 8, 2026, Wild Animal – Georgia entered into a Rate Conversion Agreement with third-party provider, SouthState Bank, N.A., doing business as ARC Fixed Rate Provider, together with Cendera Bank acting as servicing agent. The Rate Conversion Agreement is coterminous with the 2026 Term Loan dated August 26, 2026 and effectively converts the variable adjusted rate interest payments into a fixed rate obligation, resulting in a fixed interest rate of 7.35% over the term of the loan. The initial monthly loan payment is estimated to be $9,570.