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What was the estimated fair value of the Series 2021-1 Class A-2 Notes for Hardees in 2020?

Q: What was the estimated fair value of the Series 2021-1 Class A-2 Notes for Hardees in 2020?

277,497 | ### NOTE 12 — EQUITY As of January 31, 2024 and 2023, a total of 100 shares of \$0.01 par value common stock of CKE Restaurants are issued and outstanding. Each share of common stock entitles the shareholder to one vote per share and is eligible to receive dividend payments when declared. As discussed more fully in Note 8, the Indenture governing the Senior Notes includes certain covenants and restrictions that may limit CKE Restaurants' ability to declare and pay dividends. No dividends were declared and paid in fiscal 2024 and 2023. During fiscal 2023, CKE Inc. merged with CKE Restaurants which survives the merger. As a r Source: Item 21 — Financial Statements (FDD pages 84–85)

Hardees Franchise · 2025 FDD

Answer from 2025 FDD Document

277,497 |

NOTE 12 — EQUITY

As of January 31, 2024 and 2023, a total of 100 shares of $0.01 par value common stock of CKE Restaurants are issued and outstanding. Each share of common stock entitles the shareholder to one vote per share and is eligible to receive dividend payments when declared. As discussed more fully in Note 8, the Indenture governing the Senior Notes includes certain covenants and restrictions that may limit CKE Restaurants' ability to declare and pay dividends. No dividends were declared and paid in fiscal 2024 and 2023.

During fiscal 2023, CKE Inc. merged with CKE Restaurants which survives the merger. As a r

Source: Item 21 — Financial Statements (FDD pages 84–85)

What This Means (2025 FDD)

According to Hardees's 2025 Franchise Disclosure Document, the estimated fair value of the Series 2021-1 Class A-2 Notes in 2024 was $146,543, while the carrying amount was $172,623. The estimated fair value in 2025 was $146,485, with a carrying amount of $173,801.

It's important to note that these figures relate to financial liabilities of Hardees's funding entities, not the assets of a franchisee. The Series 2021-1 Class A-2 Notes were issued on June 24, 2021, in the aggregate principal amount of $180,000. These notes have an anticipated repayment date of June 2028 and a legal final maturity date of June 2051.

These notes require scheduled quarterly principal payments of $450, with the first payment due September 20, 2021. Interest payments are due quarterly in arrears on the 20th day of March, June, September, and December. The fair values are determined by obtaining estimated market prices from an investment banking firm as of the balance sheet dates.

Since the Series 2021-1 Class A-2 Notes were issued in 2021, there is no estimated fair value available for 2020 in the provided FDD excerpts. The document provides details on the carrying amount and estimated fair value for the years 2023, 2024 and 2025.

Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.

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