What is the legal final maturity date of the Series 2018-1 Class A-2 Notes for Hardees?
Hardees Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2025 | 11,800 |
|---|---|
| 2026 | 336,425 |
| 2027 | 8,300 |
| 2028 | 380,300 |
| 2029 | 395,175 |
| Thereafter | _ |
| Total long-term debt | 1,132,000 |
Series 2018-1 Senior Notes, Series 2020-1 Senior Notes and Series 2021-1 Senior Notes
On June 20, 2018, we completed a company-wide refinancing transaction (the "Series 2018-1 Refinancing"). In connection with the Series 2018-1 Refinancing, the Co-Issuers, our indirect wholly-owned subsidiaries, issued an aggregate principal amount of $1,000,000 Series 2018-1 Fixed Rate Senior Secured Notes, Class A-2, ("Series 2018-1 Class A-2 Notes") and $70,000 Series 2018-1 Class A-1 Variable Funding Senior Secured Notes ("Series 2018-1 Variable Funding Notes", and together with the Series 2018-1 Class A-2 Notes, the "Series 2018-1 Senior Notes"). The i
Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardees's 2025 Franchise Disclosure Document, the Series 2018-1 Class A-2 Notes have a legal final maturity date of June 2048. These notes were part of a company-wide refinancing transaction completed on June 20, 2018.
The Series 2018-1 Class A-2 Notes were issued in three tranches with varying interest rates and anticipated repayment dates. These tranches included $400,000 of Series 2018-1 4.250% Fixed Rate Senior Secured Notes, Class A-2-I, with an anticipated repayment date of June 2022; $350,000 of Series 2018-1 4.959% Fixed Rate Senior Secured Notes, Class A-2-II, with an anticipated repayment date of June 2025; and $250,000 of Series 2018-1 5.710% Fixed Rate Senior Secured Notes, Class A-2-III, with an anticipated repayment date of June 2028.
The Series 2018-1 Class A-2 Notes require scheduled quarterly principal payments of $2,500, with the first payment due December 20, 2018. Interest payments are due quarterly in arrears on the 20th day of March, June, September, and December. It is important to note that on December 21, 2020, Hardees paid down the entire outstanding principal balance of the Series 2018-1 Class A-2-I Notes with the issuance of Series 2020-1 Class A-2 Notes, but the other tranches remained outstanding as of the date of the FDD.