What was the amount of repayments of Class A-2 Notes for Hardees in fiscal year 2024?
Hardees Franchise · 2025 FDDAnswer from 2025 FDD Document
16,273 | | 2030 | 16,245 | | Thereafter | 64,355 | | Total estimated future amortization expense | $ 146,349 |
NOTE 7 — OTHER CURRENT LIABILITIES
Other current liabilities as of January 31, 2025 and 2024 consisted of the following:
| 2025 | 2024 | |
|---|---|---|
| Income taxes payable | $ 13,131 | $ 13,955 |
| Financing method sale-leaseback liability, current portion | 11,658 | 11,287 |
| Salaries, wages and other benefits | 10,627 | 15,610 |
| Accrued interest | 6,358 | 5,663 |
| Accrued property taxes | 4,321 | 3,089 |
| Estimated liability for self-insur |
Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardees's 2025 Franchise Disclosure Document, the company had several series of Class A-2 Notes outstanding. The repayments for these notes in fiscal year 2024 are detailed in the financial statements. Specifically, the 4.959% Series 2018-1 Class A-2-II Notes, which were repaid in April 2024, had a balance of $331,625. The 5.710% Series 2018-1 Class A-2-III Notes had a balance of $236,875, the 3.981% Series 2020-1 Class A-2 Notes had a balance of $388,000, and the 2.865% Series 2021-1 Class A-2 Notes had a balance of $175,500. However, the 7.253% Series 2024-1 Class A-2 Notes had no balance listed for 2024.
In April 2024, Hardees completed a refinancing transaction, issuing the Series 2024-1 Class A-2 Notes and using a portion of the proceeds to repay the outstanding Series 2018-1 Class A-2-II Notes. This refinancing resulted in a loss on early extinguishment of debt of $1,283 during fiscal 2025, which included the write-off of unamortized deferred financing costs from the Series 2018-1 Class A-2-II Notes.
The Series 2024-1 Class A-2 Term Notes require scheduled quarterly principal payments of $875, with the first payment due on June 20, 2024. This means that in fiscal year 2024, there were repayments made on June 20, September 20, and December 20. Therefore, the total repayments for the Series 2024-1 Class A-2 Notes in fiscal year 2024 would be $2,625 (3 quarters x $875).