What was the total amount of repayments of Class A-2 Notes for Carls in fiscal year 2024?
Carls Franchise · 2024 FDDAnswer from 2024 FDD Document
tions are not satisfied or complied with, the Senior Notes are subject to accelerated repayment events and events of default. Although management does not anticipate an event of default, if any such event occurred and was not cured within any applicable cure period, the unpaid amounts outstanding could become immediately due and payable.
In connection with the amendment of the 2018-1 Variable Funding Notes in fiscal year 2023, we incurred debt issuance costs of $861 which were capitalized. These deferred financing costs will be amortized using the effective interest method over the expected term of the 2018-1 Variable Funding Notes.
In the first quarter of fiscal 2025, the Co-Issuers issued an aggregate principal amount of $350,000 of Series 2024-1 7.253% Fixed Rate Senior Secured Notes, Class A-2 (the "Series 2024-1 Class A-2 Term Notes")
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 79–80)
What This Means (2024 FDD)
Based on the 2024 Franchise Disclosure Document, specific details regarding the total amount of Class A-2 Notes repayments for Carls in fiscal year 2024 are not explicitly provided. However, the document does mention the issuance and repayment schedules for various series of notes.
Specifically, in the first quarter of fiscal year 2025, Carls issued $350,000 of Series 2024-1 Class A-2 Term Notes, which require scheduled quarterly principal payments of $875, with the first payment due on June 20, 2024. Additionally, the Series 2018-1 Class A-2 Notes required quarterly principal payments of $2,500. The document also indicates that a portion of the proceeds from the new notes was used to repay the Series 2018-1 Class A-2-II Term Notes in full, including accrued interest.
To determine the exact total repayments of Class A-2 Notes for Carls in fiscal year 2024, a prospective franchisee should request clarification from the franchisor. This inquiry should include a detailed breakdown of all Class A-2 Notes repayments made during that fiscal year, considering the various series and tranches of notes outstanding.