When does the $8,000,000 term loan mature for Aunt Millies Bakeries?
Aunt_Millies_Bakeries Franchise · 2025 FDDAnswer from 2025 FDD Document
ny had a Credit and Security Agreement ("Credit and Security Agreement") with a commercial lender. The Credit and Security Agreement provided a term loan of $8,000,000, advances in the form of a revolving loan up to $25,000,0000, and letters of credit up to $2,500,000. The term loan required monthly principal payments of $95,238 beginning June 1, 2021. The term loan, revolving loan, and letters of credit was set to mature November 30, 2023. All unpaid principal and interest was due upon maturity.
In May 2024, the Company amended their Credit and Security Agreement ("Amend
Source: Item 23 — RECEIPT (FDD pages 44–196)
What This Means (2025 FDD)
According to Aunt Millies Bakeries's 2025 Franchise Disclosure Document, the $8,000,000 term loan was initially set to mature on November 30, 2023. However, the company amended their Credit and Security Agreement in May 2024, extending the maturity date to April 2027.
The term loan requires monthly principal payments of $95,238, which began on June 1, 2021, and continue until the maturity date. Any remaining outstanding borrowings, including unpaid principal and interest, are due upon maturity in April 2027.
The term loan bears interest at a variable rate based on LIBOR or a rate not exceeding the prime rate, adjusted by a factor tied to a quarterly financial performance ratio. Prospective franchisees should be aware of these debt obligations as they reflect on the financial health of Aunt Millies Bakeries.