PARK NATIONAL CORP /OH/PRK

PARK NATIONAL CORP /OH/ Debt Disclosure

10-KFiled Feb 23, 20241 min read
Long-Term Debt
Park did not have long-term borrowings at either December 31, 2023 or December 31, 2022.
 
On June 20, 2019, Park issued a $50 million term note to U.S. Bank National Association. This term note had a maturity date of June 21, 2022 and accrued interest at a floating rate of one-month LIBOR plus 1.65%. On August 2, 2021, Park prepaid the outstanding balance of $27.5 million of the term note to U.S. Bank National Association.

Historical Timeline

Fiscal YearFiled
2023Feb 23, 2024Showing above
2022Mar 1, 2023
2021Feb 24, 2022
2020Feb 26, 2021
2019Feb 28, 2020
2018Feb 26, 2019
2017Feb 27, 2018
2016Feb 21, 2017
2015Feb 18, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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