What interest rate does Checkersrallys pay on the Last-Out Term Loans, and when do they mature?

According to Checkersrallys's 2025 Franchise Disclosure Document, the Last-Out Term Loans mature on June 16, 2028. The interest rate is based on a floating rate which, at the company's option, can be either an alternative base rate plus 8% per annum, or the Adjusted Term Secured Overnight Financing Rate plus 9% per annum, plus a credit adjustment spread.

Checkersrallys has the option to pay interest on these loans in kind at a rate of 6% per annum, rather than in cash. This means that instead of paying the interest in cash, the company can add the accrued interest to the principal amount of the loan, increasing the total debt.

The document also states that Checkersrallys is required to make recurring quarterly principal payments on the Last-Out Term Loans, equivalent to 0.25% of the original principal amount. The remaining principal amount is due upon maturity. Furthermore, Checkersrallys is required to pay a contractual premium upon each principal repayment. The premium varies depending on the timing of the repayment: it is a make-whole provision before the first anniversary, 8% on or after the first anniversary but before the second, 7% on or after the second anniversary but before the third, 5% on or after the third anniversary, and 3% on or after the fourth anniversary.