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  4. [8-K/A] PARKS AMERICA, INC Amends Material Event Report

Parks America (OTCQX: PRKA) locks 6.99% rate on $2.33M loan

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(Neutral)
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Form Type
8-K/A

Rhea-AI Filing Summary

Parks! America, Inc. filed an amended report describing a refinancing at its Aggieland-Parks subsidiary. On June 17, 2026, Aggieland-Parks completed a new term loan with Cendera Bank with a $2.33 million principal balance maturing on June 1, 2033.

The seven-year loan, amortized over 25 years, carries an initial variable rate based on 1‑month CME SOFR plus 2.70%, which was 6.34% at closing. A separate Promissory Note Rate Conversion Agreement with SouthState Bank converts payments to a fixed 6.99% rate over the term.

The refinancing eliminates a $2.5 million cash collateral reserve previously established with Cendera Bank. Parks! America guarantees the loan, which is secured by substantially all Aggieland-Parks assets and includes a minimum debt service coverage ratio covenant of 1.20 to 1.00 on a trailing twelve‑month basis.

Positive

  • None.

Negative

  • None.
Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Term loan principal $2.33 million Principal balance of 2026 Aggieland-Parks term loan
Loan maturity June 1, 2033 Maturity date of the 2026 Term Loan
Amortization term 25 years Amortization schedule for the 2026 Term Loan
Initial monthly payment $16,561 Estimated initial monthly payment on the term loan
Initial variable interest rate 6.34% CME 1‑month SOFR of 3.64% plus 2.70% on June 17, 2026
Fixed rate after conversion 6.99% Fixed interest rate under Promissory Note Rate Conversion Agreement
Refinancing fees $14,900 Approximate fees and expenses for the 2026 Term Loan
Removed cash collateral reserve $2.5 million Prior reserve with Cendera Bank eliminated by refinancing
Promissory Note Rate Conversion Agreement financial
"Aggieland-Parks, Inc. entered into a Promissory Note Rate Conversion Agreement with third-party provider, SouthState Bank, N.A."
Secured Overnight Financing Rate financial
"based on an adjusted rate equal to the CME 1-month term Secured Overnight Financing Rate (“SOFR”) plus 2.70%"
A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.
Debt Service Coverage Ratio financial
"maintain a minimum Debt Service Coverage Ratio of at least 1.20 to 1.00 on a trailing twelve-month basis"
Debt service coverage ratio measures how many times a company's available cash flow can pay its scheduled debt payments (interest plus principal). Think of it like checking how many months of take-home pay it would take to cover your mortgage and loan bills; a higher number means a bigger cushion against missed payments. Investors use it to gauge credit risk, the likelihood of default, and whether a company can afford dividends or new borrowing.
ballon payment financial
"with a 25-year amortization, and a ballon payment of the outstanding principal balance due on June 1, 2033"
Guaranty Agreement financial
"Pursuant the Guaranty Agreement, the 2026 Term Loan is guaranteed by the parent company, Parks! America, Inc."
A guaranty agreement is a legal contract in which one party (the guarantor) promises to pay a debt or perform an obligation if the primary borrower or obligor does not. Think of it like a friend co-signing a loan: it makes creditors more comfortable because someone else has agreed to back the obligation. For investors, guaranties change credit risk and potential recoveries in a default and can create contingent liabilities for the guarantor.
events of default financial
"includes customary events of default including non-payment of principal, interest or fees, violation of covenants"
Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.
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FAQ

What refinancing did Parks America (PRKA) complete for Aggieland-Parks?
Parks! America’s subsidiary Aggieland-Parks completed a refinancing with Cendera Bank for a $2.33 million term loan maturing June 1, 2033. The loan runs seven years on a 25-year amortization schedule, ending with a balloon payment of the remaining principal at maturity.

What interest rate applies to Parks America’s new $2.33 million term loan?
The 2026 Aggieland-Parks term loan initially carries a variable rate equal to 1‑month CME SOFR plus 2.70%, which was 6.34% on June 17, 2026. A separate rate conversion agreement effectively fixes the loan’s interest at 6.99% for the entire term.

How does the Promissory Note Rate Conversion Agreement affect Parks America’s debt?
Aggieland-Parks entered a Promissory Note Rate Conversion Agreement with SouthState Bank, doing business as ARC Fixed Rate Provider. This agreement is coterminous with the loan and converts variable SOFR-based payments into a fixed 6.99% interest obligation, stabilizing debt service costs through June 1, 2033.

What collateral and guarantees secure Parks America’s 2026 Aggieland-Parks loan?
The 2026 term loan is secured by substantially all Aggieland-Parks assets. Under a Guaranty (Payment and Performance) Agreement, parent company Parks! America, Inc. guarantees the loan, adding parent-level support in addition to the subsidiary’s asset-based collateral package.

What financial covenants apply to Parks America under the new loan?
Both Parks! America, as guarantor, and Aggieland-Parks, as borrower, must each maintain a minimum Debt Service Coverage Ratio of at least 1.20 to 1.00 on a trailing twelve‑month basis, and comply with ongoing reporting and other affirmative covenants in the loan documents.

What change did the 2026 refinancing make to the prior cash collateral reserve?
The 2026 refinancing removed the requirement for a $2.5 million cash collateral reserve that Focused Compounding Fund, L.P. had established with Cendera Bank under the original September 30, 2024 term loan agreement, simplifying the collateral structure for the Aggieland-Parks borrowing.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K/A

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

June 17, 2026   000-51254
Date of Report (Date of earliest event reported)   Commission File Number

PARKS! AMERICA, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   91-0626756

(State or other jurisdiction of

incorporation or organization)

  

(I.R.S. Employer

Identification Number)

 

1300 Oak Grove Road

Pine Mountain, GA 31822

(Address of Principal Executive Offices) (Zip Code)

 

(706) 663-8744

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(g) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   PRKA   OTCQX

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

EXPLANATORY NOTE

 

The Company is filing this amendment solely to remove the language related to the accounting treatment of the Promissory Note Rate Conversion Agreement after reassessment and to correct the entity name of Focused Compounding Fund, L.P. incorrectly reported as Focus Compounding Fund, LC.

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On June 17, 2026, Aggieland-Parks, Inc., a wholly owned subsidiary of Parks! America, Inc., completed a refinancing transaction (“2026 Refinancing”) with Cendera Bank. The 2026 Refinancing is the First Modification of the Term Loan Agreement dated September 30, 2024 between Aggieland-Parks, Inc. and Cendera Bank, N.A., predecessor to Cendera Bank (the “2026 Term Loan”).

 

The 2026 Term Loan has a principal balance of $2.33 million and will mature on June 1, 2033. The 2026 Term Loan has a term of seven years, with a 25-year amortization, and a ballon payment of the outstanding principal balance due on June 1, 2033. The initial monthly loan payment is estimated to be $16,561.

 

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 3.64% as of June 17, 2026 providing an initial interest rate of 6.34%. Concurrently, Aggieland-Parks, Inc. entered into a Promissory Note Rate Conversion Agreement with third-party provider, SouthState Bank, N.A., doing business as ARC Fixed Rate Provider. The Promissory Note Rate Conversion Agreement is coterminous with the 2026 Term Loan and effectively converts the variable adjusted rate interest payments into a fixed rate obligation, resulting in a fixed interest rate of 6.99% over the term of the loan.

 

Aggieland-Parks, Inc. paid approximately $14,900 in fees and expenses in connection with the 2026 Term Loan.

 

The 2026 Term Loan is secured by substantially all the Aggieland-Parks, Inc assets. Pursuant the Guaranty Agreement, the 2026 Term Loan is guaranteed by the parent company, Parks! America, Inc. The 2026 Refinancing removes the requirement of the cash collateral reserve of $2.5 million established by Focused Compounding Fund, L.P. with Cendera Bank included in the original Term Loan Agreement dated September 30, 2024.

 

The Guaranty Agreement and First Modification of Loan Agreement are subject to certain financial covenants including that, Parks! America, Inc., as guarantor, and Aggieland Parks, Inc., as borrower, independently maintain a minimum Debt Service Coverage Ratio of at least 1.20 to 1.00 on a trailing twelve-month basis. Both the Guaranty Agreement and First Modification of Loan Agreement contain certain affirmative covenants, including, among other things, reporting requirements such as delivery of financial statements, federal or state income tax filings and such other reports.

 

The 2026 Term Loan includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross default to certain other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests.

 

The foregoing description of the 2026 Term Loan is only a summary of the material terms thereof, does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Promissory Note, Exhibit A to Promissory Note Rate Conversion Agreement. Guaranty Agreement and the Annex 1 to First Modification of Loan Documents, filed as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.

 

Item 9.01Financial Statements and Exhibits

 

(d) Exhibits.

 

Exhibit No.   Description of Exhibit 
10.1   Amended and Restated Promissory Note, dated June 17, 2026, between Aggieland-Parks, Inc. and Cendera Bank.
     
10.2   Exhibit A to Promissory Note Rate Conversion Agreement, dated June 17, 2026, between ARC Fixed Rate Provider and Aggieland Parks, Inc.
     
10.3   Guaranty (Payment and Performance) Agreement, dated June 17, 2026, between Parks! America, Inc. and Cendera Bank. 
     
10.4   Annex I to First Modification of Loan Agreement between Aggieland-Parks, Inc. and Cendera Bank.
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: June 30, 2026

 

  PARKS! AMERICA, INC.
     
  By: /s/ Rebecca S. McGraw
  Name: Rebecca S. McGraw
  Title: Chief Financial Officer

 

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Source: View Original Filing on SEC EDGAR

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