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Potbelly Corporation Announces New Three-Year, $30 Million Credit Facility
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0 KommentareCompany expects to save approximately $2 million in net interest on annualized basis
CHICAGO, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB), (“Potbelly” or the “Company”) the iconic neighborhood sandwich shop concept, today announced that the Company
has closed a new $30 million revolving credit facility (the “Facility”) that matures on February 7, 2027 led by Wintrust Bank.
Under the terms of the new Facility, the Company achieved a 600-basis point reduction in the currently applicable interest rate margin relative to the prior term loan. The Facility currently bears an interest rate of SOFR + 325 basis points (as compared to an interest rate of SOFR + 925 basis points under the Company’s prior term loan) with the potential applicable interest rate ranging from SOFR + 375 basis points to SOFR + 275 basis points dependent upon certain leverage ratios achieved by the Company. The new Facility is expected to result in approximately $2 million of annual net cash interest savings.
“Our new credit facility further strengthens our financial position and is yet another testament to the improvements we have made to our business over the past three years,” commented Steve Cirulis, Chief Financial Officer of Potbelly. “This new Facility will provide the company with significant financial flexibility to pursue our growth ambitions under our Five-Pillar Strategy as well as annualized interest savings. We are excited to add Wintrust as a lending partner with their deep experience in supporting Chicago-based companies and believe that this transaction further underscores the strength of Potbelly.”
Please refer to the form 8-K filed with the SEC for additional information on the new Facility.
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About Potbelly
Potbelly Corporation is a neighborhood sandwich concept that has been feeding customers’ smiles with warm, toasty sandwiches, signature salads, hand-dipped shakes and other fresh menu items,
customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its
first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country - with approximately 426 shops in the United States including approximately 81 franchised shops in the
United States. For more information, please visit our website at www.potbelly.com.
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