What is the stated interest payment schedule for the Senior Notes of The Standardx?
The_Standardx Franchise · 2025 FDDAnswer from 2025 FDD Document
of unamortized discounts and deferred financing fees.
Senior Notes—Interest on the outstanding Senior Notes is payable semi-annually. We may redeem some or all of the Senior Notes at any time prior to their maturity at a redemption price equal to 100% of the principal amount of the Senior Notes
redeemed plus accrued and unpaid interest, if any, to the date of redemption plus a make-whole amount, if any. The amount of any make-whole payment depends, in part, on the yield of U.S. Treasury securities with a comparable maturity to the Senior Notes at the date of redemption. A summary of the terms of our outstanding Senior Notes, by year of issuance, is as follows:
- In 2013, we issued $350 million of 3.375% senior notes due 2023 at an issue price of 99.498% (the "2023 Notes").
- In 2016, we issued $400 million of 4.850% senior notes due 2026 at an issue price of 99.920% (the "2026 Notes").
- In 2018, we issued $400 million of 4.375% senior notes due 2028 at an issue price of 99.866% (the "2028 Notes").
- In 2020, we issued $450 million of 5.375% senior notes due 2025 (the "2025 Notes") and $450 million of 5.750% senior notes due 2030 (the "2030 Notes").
- In 2021, we issued $700 million of 1.300% senior notes due 2023 at an issue price of 99.941% (the "2023 Fixed Rate Notes"), $300 million of floating rate senior notes due 2023 (the "2023 Floating Rate Notes"), and $750 million of 1.800% senior notes due 2024 at an issue price of 99.994% (the "2024 Fixed Rate Notes").
- In 2023, we issued $600 million of 5.750% senior notes du
Source: Item 10 — OTHER ASSETS (FDD pages 132–156)
What This Means (2025 FDD)
According to The Standardx's 2025 Franchise Disclosure Document, the interest on the outstanding Senior Notes is payable semi-annually. This means that The Standardx makes interest payments to the holders of its Senior Notes twice per year.
Additionally, The Standardx has the option to redeem some or all of the Senior Notes before their maturity date. If The Standardx chooses to redeem the notes, they will pay a redemption price equal to 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest up to the redemption date. There may also be a "make-whole" amount included in the redemption price, which is dependent on the yield of U.S. Treasury securities with a comparable maturity to the Senior Notes at the time of redemption.
The FDD lists several series of Senior Notes issued by The Standardx in previous years, with varying interest rates and maturity dates. For example, in 2024, The Standardx issued $600 million of 5.250% senior notes due 2029, $450 million of 5.375% senior notes due 2031 and $350 million of 5.500% senior notes due 2034. These details provide context about The Standardx's financing activities but do not alter the semi-annual interest payment schedule applicable to the Senior Notes.