RCY — Debt and note tracking
Simmons Bank term loan and DDTL tracking, and the ten Saxonwald PIK-interest promissory notes.
Two workpapers covering all RCY debt instruments.
Source: Rackson_Workpaper_Instructions.docx — Part II, Debt & Note Tracking. See Debt schedules for the consolidated view across both entities.
28xxx — Simmons term loan and DDTL tracking
Owner: Maureen (the transition summary assigns RCY debt accruals to Betsy — confirm current owner)
Tracks the Simmons Bank Term Loan and three associated Delayed Draw Term Loans (DDTLs) for store buildouts. Drives the principal/interest split and accrued interest for each instrument.
| Instrument | Loan ID | Store |
|---|---|---|
| Term Loan (originally $7,000,000) | 70177332 | — |
| DDTL | 701773401 | 1418 — Hamden |
| DDTL | 701773402 | 1232 — Yonkers |
| DDTL | 701773403 | 1354 — Brookfield |
Customer #: RAE1101
When a Simmons Bank statement is received (Term Loan or any DDTL), enter the statement date, balance, principal paid, interest paid, total payment, and resulting end balance in the corresponding tab — Term, DDTL 1418, DDTL 1232, DDTL 1354.
The Term Loan and each DDTL may carry different rates. Update the rate column if a new rate notice has been received from Simmons.
For DDTL 1232 (Yonkers) and DDTL 1354 (Brookfield), confirm whether the loan is still in the draw / interest-only period or has converted to principal-and-interest amortization — the payment structure changes once amortization begins. Cross-reference the original DDTL agreement for the conversion date.
Reconcile the ending balance per the workpaper to the Intacct GL balance for the applicable notes payable account by location/entity. Trace any difference to an unposted payment or an accrual timing difference.
If accrued interest needs recording at period end, calculate using the same days-elapsed methodology as the CONA loan tracking workpaper (24700) and post a GJ accrual.
Files: 1_-_Simmons_Loan_Tracking.xlsx
The client (Mike) provides the debt schedule — PBI does not independently maintain or recalculate the amortization. PBI's main task each period is to accrue interest, since loan payments often lag by a month.
For roughly two periods, the principal/interest split on the lender's statements has diverged from the client's original amortization schedule. Mike updates his schedule to match what the statements actually show — report off the updated, statement-driven schedule, not the original projection.
Day-count timing matters. Being off by a day or two changes the interest calculation by roughly eight dollars or more per day depending on the balance.
Notes — Saxonwald promissory note schedule
Owner: Maureen
Tracks ten individual Rackson Cayenne, LLC promissory notes issued to Saxonwald (related-party / investor financing), each carrying a PIK (paid-in-kind) interest rate with no cash interest payment. PIK interest compounds into the note balance each period rather than being paid out. Aggregate principal is approximately $9.3M.
For each note tab (Note 1 through Note 10, dated by funding date):
beginning balance × annual PIK rate × (days in period ÷ days in year)Each note may carry a different rate and maturity date — refer to the header block at the top of each tab: Principal Loan Amount, Annual Interest Rate (PIK), Funding Date, Maturity Date.
All interest is PIK and compounds into the Ending Note Balance, which becomes the following period's Beginning Balance.
If any note has been amended (per the amendment references in the Maturity Date note column), confirm the current rate and maturity reflect the most recent amendment before calculating the period accrual.
On the Consolidated Note Schedule tab, confirm the aggregate Beginning Balance, Total Interest, and Ending Note Balance sum correctly from all ten note tabs. The Check Calc column on each note tab validates that note's math — confirm it nets to $0 or the documented rounding tolerance.
DR Interest Expense / CR Notes Payable — Saxonwald, using the aggregate Total Interest figure from the Consolidated Note Schedule.
Confirm the Intacct GL balance for the notes payable account agrees to the Consolidated Note Schedule Ending Note Balance. Any new note issuance, principal payment, or amendment during the period must be reflected as a new tab or an update to the existing note's terms before finals are sent.
Files: Saxonwald_Note_Tracking.xlsx
Confirm the compounding treatment matches the note terms each period. The review documentation refers to this facility as "Saxon Wall" — an auto-transcription artifact of "Saxonwald." No payments are currently being made on this facility; PBI is only accruing interest. The client sends the tracker monthly, and more frequently mid-period if there is a change such as an additional draw.
Related
- Debt schedules — the consolidated view including RRS/CONA
- Debt and notes review — the reviewer's checklist and the accrued interest consolidation
- RRS utilities and interest — the 24700 accrual methodology this workpaper borrows