What was the total amount of notes payable for Camp Margaritaville as of December 31, 2023?
Camp_Margaritaville Franchise · 2025 FDDAnswer from 2025 FDD Document
- No life insurance proceeds were received in 2022. The Company made additional principal payments against the term loan of $787,500 in 2023 and $5,905,000 in 2022; and additional principal payments against the delayed draw of $180,000 in 2023.
The debt facility includes subordinated debt associated with related-party entities. The balance of the related-party note payable was $9,805,332 as of December 31, 2023 and 2022. The subordinated note is owned by select equity holders of the Company and is thus classified as related-party notes payable.
Debt issuance costs, net of amortization, on the accompanying consolidated balance sheets are $0 at December 31, 2023 and 2022.
As defined in the related credit agreements, the Company is obligated to maintain certain financial covenants, which includes the Maximum Consolida
Source: Item 23 — RECEIPTS (FDD pages 72–406)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, the specific total amount of notes payable for Camp Margaritaville as of December 31, 2023, is not explicitly detailed. However, the document does provide some related information regarding notes payable and interest expenses.
Specifically, the FDD mentions interest expenses on term loan notes payable, which were $9,952,070 for the year ended December 31, 2023. It also notes interest expense on the delayed draw loan, which was $1,376,357 in 2023, and interest expense on the subordinated related-party note, which was $973,098 for the same period. Additionally, the debt facility term loan required annual principal payments of $1,050,000 through 2027, but these payments were considered paid in full upon receipt of insurance proceeds in 2023. The delayed draw loan requires annual principal payments of $240,000 through 2027.
While these figures provide insight into the interest and principal payment obligations of Camp Margaritaville, they do not directly state the total outstanding balance of notes payable as of December 31, 2023. To obtain this specific figure, a prospective franchisee should inquire directly with the franchisor for clarification on the total notes payable amount and a complete breakdown of the company's debt obligations.