What is the final maturity date for both tranches of the 2021 Notes related to Nothing Bundt Cakes?
Nothing_Bundt_Cakes Franchise · 2025 FDDAnswer from 2025 FDD Document
,759 | | Thereafter | 94,113 | | Total future amortization expense | $ 168,193 |
4. Debt
In conjunction with the Securitization Transaction, on July 30, 2021, the Debt Issuer entered into a base indenture (the "Indenture") under which the Debt Issuer may issue multiple series of notes. On the same date, the Debt Issuer
Source: Item 23 — RECEIPTS (FDD pages 93–309)
What This Means (2025 FDD)
According to Nothing Bundt Cakes' 2025 Franchise Disclosure Document, the company, through its Debt Issuer, issued Series 2021-1 Fixed Rate Secured Notes (the "2021 Notes") on July 30, 2021, in an aggregate principal amount of $335.0 million. These notes were divided into two tranches: the $280.0 million Series 2021-1 2.989% Fixed Rate Class A-2 Senior Secured Notes and the $55.0 million Series 2021-1 4.970% Fixed Rate Class B Senior Subordinated Secured Notes.
Both tranches of the 2021 Notes have a final maturity date of July 2051. This means that Nothing Bundt Cakes is obligated to repay the principal on these notes by this date.
Additionally, both tranches have an "Anticipated Repayment Date" of July 2026. It's important to note that while the anticipated repayment date is in 2026, the final maturity date extends to July 2051, providing a longer repayment timeline if needed. This information is relevant for prospective franchisees as it provides insight into the financial structure and long-term debt obligations of Nothing Bundt Cakes.