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  4. [8-K] PARKS AMERICA, INC Reports Material Event

Parks! America takes $1.3M loan at 7.35% rate

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Parks! America, Inc. (PRKA), through its wholly owned subsidiary Wild Animal Safari, Inc. in Georgia, entered into a new term loan credit agreement with Cendera Bank dated August 26, 2026, providing a $1.30 million term loan used to repay all indebtedness under a prior Synovus Bank term loan.

The 2026 Term Loan matures on September 1, 2033, has a seven-year term with 25-year amortization and a balloon payment at maturity, and initially bore interest at CME 1‑month term SOFR plus 2.70%. A coterminous Rate Conversion Agreement with SouthState Bank’s ARC Fixed Rate Provider converts this to a fixed 7.35% rate, with an estimated initial monthly payment of $9,570. The loan is secured by substantially all Wild Animal Safari, Inc.’s assets and is guaranteed by Parks! America, Inc., and carries covenants including a minimum Debt Service Coverage Ratio of 1.20:1.00 for both the parent guarantor and the subsidiary borrower 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 1.02 Termination of a Material Definitive Agreement Business
A significant contract was terminated, which may affect business operations or revenue.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Term Loan Principal $1,300,000 Principal balance of 2026 Term Loan dated August 26, 2026
Fixed Interest Rate 7.35% Fixed rate under Rate Conversion Agreement coterminous with loan
Initial Variable Rate 6.37% CME 1‑month term SOFR 3.67% plus 2.70% margin as of August 26, 2026
Loan Maturity Date September 1, 2033 Stated maturity of 2026 Term Loan
Debt Service Coverage Ratio Covenant 1.20:1.00 Minimum DSCR for both Parks! America, Inc. and Wild Animal Safari, Inc.
Initial Monthly Payment $9,570 Estimated initial monthly loan payment under 2026 Term Loan
Fees and Expenses Paid $39,000 Approximate fees and expenses for entering into the 2026 Term Loan
SOFR Reference Rate 3.67% CME 1‑month term SOFR as of August 26, 2026
Secured Overnight Financing Rate financial
"CME 1-month term Secured Overnight Financing Rate (“SOFR”)"
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"
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.
balloon payment financial
"a balloon payment of the outstanding principal balance due on September 1, 2033"
A balloon payment is a large, single lump-sum due at the end of a loan after a schedule of smaller regular payments; think of it as making modest monthly payments like rent but owing one big bill at the finish. For investors, it matters because the borrower's ability to make or refinance that final payment affects credit risk, cash flow timing and the value of debt or equity tied to that borrower—unexpected shortfalls can cause losses or force restructuring.
events of default financial
"includes customary events of default including non-payment of principal, interest"
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.

FAQ

What new loan did Parks! America (PRKA) enter into in August 2026?
Parks! America’s subsidiary Wild Animal Safari, Inc. entered into a $1.30 million term loan credit agreement with Cendera Bank dated August 26, 2026. The proceeds were used to repay all indebtedness under a prior term loan with Synovus Bank.

What are the key terms and maturity of PRKA’s 2026 Term Loan?
The 2026 Term Loan matures on September 1, 2033, has a seven‑year term with 25‑year amortization, and requires a balloon payment of the remaining principal at maturity, with an estimated initial monthly payment of $9,570.

What interest rate applies to Parks! America (PRKA)’s new term loan?
Initially, the loan’s rate was CME 1‑month term SOFR plus 2.70%, based on a SOFR of 3.67% on August 26, 2026, for a 6.37% rate. A Rate Conversion Agreement then fixed the interest rate at 7.35% for the term of the loan.

How is PRKA’s 2026 Term Loan secured and who guarantees it?
The 2026 Term Loan is secured by substantially all of Wild Animal Safari, Inc.’s assets. It is guaranteed by the parent company, Parks! America, Inc., pursuant to a Guaranty (Payment and Performance) Agreement with Cendera Bank.

What financial covenants apply to Parks! America (PRKA) under the new loan?
Both Parks! America, Inc. as guarantor and Wild Animal Safari, Inc. as borrower must each maintain a minimum Debt Service Coverage Ratio of 1.20 to 1.00 on a trailing twelve‑month basis, along with affirmative reporting covenants.

What fees did Parks! America (PRKA) pay in connection with the 2026 Term Loan?
Wild Animal Safari, Inc. paid approximately $39,000 in fees and expenses in connection with the 2026 Term Loan with Cendera Bank, in addition to ongoing interest and principal payments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001297937 0001297937 2026-09-03 2026-09-03 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

September 3, 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. ☐

 

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

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.

 

Wild Animal – Georgia paid approximately $39,000 in fees and expenses in connection with the 2026 Term Loan.

 

The 2026 Term Loan is secured by substantially all the Wild Animal Safari, Inc.’s assets. Pursuant to the Guaranty Agreement, the 2026 Term Loan is guaranteed by the parent company, Parks! America, Inc.

 

The Guaranty Agreement and Loan Agreement are subject to certain financial covenants including that, Parks! America, Inc., as guarantor, and Wild Animal – Georgia 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 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 Promissory Note, Exhibit A to Promissory Note Rate Conversion Agreement. Guaranty Agreement, Deed to Secure Debt, Assignment of Rents, Security Agreement and Fixture Financing Agreement 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 1.02. Termination of a Material Definitive Agreement.

 

The information described in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information described in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits.

 

Exhibit No.   Description of Exhibit
10.1   Promissory Note, dated August 26, 2026, between Wild Animal Safari, Inc. and Cendera Bank.
     
10.2   Exhibit A to Promissory Note Rate Conversion Agreement, dated August 26, 2026, between ARC Fixed Rate Provider and Wild Animal Safari, Inc.
     
10.3   Guaranty (Payment and Performance) Agreement, dated August 26, 2026, between Parks! America, Inc. and Cendera Bank.
     
10.4   Deed to Secure Debt, Assignment of Rents, Security Agreement and Fixture Financing Agreement, dated August 26, 2026, between Wild Animal Safari, 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: September 9, 2026

 

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

 

3

 

Source: View Original Filing on SEC EDGAR

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