What is the legal final maturity date of the Series 2020-1 Class A-2 Notes for Hardees?
Hardees Franchise · 2025 FDDAnswer from 2025 FDD Document
ditional twelve-month terms (subject to certain conditions, including a minimum debt service coverage ratio). The Series 2018-1 Variable Funding Notes bear interest at a variable interest rate equal to (a) a commercial paper rate plus 3.00%, (b) the term SOFR rate plus 3.00% or (c) 2.00% plus the greater of (i) the Prime Rate, (ii) the Federal Funds rate plus 0.50%, or (iii) term SOFR plus 1.00%. The actual interest rate incurred is determined by how the borrowings were funded by participating investors, but in any event, will fall under one of the three scenarios described above. The Series 2018-1 Variable Funding Notes require us to pay a commitment fee of 0.50% per annum for unused commitments and letter of credit fees of 3.00% per annum on our outstanding non-cash collateralized letters of credit. Interest and other fees on the Series 2018-1 Variable Funding Notes are due quarterly in arrears on the 20th day of each March, June, September
Source: Item 21 — Financial Statements (FDD pages 84–85)
What This Means (2025 FDD)
According to Hardees's 2025 Franchise Disclosure Document, the Series 2020-1 Class A-2 Notes have a legal final maturity date of December 2050. These notes were issued on December 21, 2020, with an aggregate principal amount of $400,000 and carry a 3.981% fixed interest rate.
The Series 2020-1 Class A-2 Notes were issued to pay down the entire outstanding principal balance of the Series 2018-1 Class A-2-I Notes. The anticipated repayment date for these notes is December 2027.
Hardees is required to make scheduled quarterly principal payments of $1,000, with the first payment due on March 22, 2021. Interest payments are due quarterly in arrears on the 20th day of March, June, September, and December.