POTBELLY CORP: debt financing — Potbelly closes $30M credit facility, expects $2M annual interest savings

POTBELLY CORP

New $30M revolving credit facility matures Feb 2027, led by Wintrust Bank.
Interest rate margin cut 600 bps to SOFR+325 bps from prior SOFR+925 bps.
Expected annual net interest savings of approximately $2 million.
Facility provides financial flexibility to pursue Five-Pillar Strategy growth.
Prior term loan repaid and terminated concurrently with new facility.

item 1.01 item 1.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

POTBELLY CORP incurred revolving credit of $30,000,000 with Wintrust Bank, N.A. at one-month term SOFR or the base rate plus an applicable rate per annum maturing February 7, 2027.

Instrument: revolving credit
Principal: $30,000,000
Counterparty: Wintrust Bank, N.A.
Rate: one-month term SOFR or the base rate plus an applicable rate per annum
Maturity: February 7, 2027
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a revolving loan facility with an aggregate commitment of $30,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

POTBELLY CORP terminated Former Credit Facility (effective 2024-02-07).

Action: termination
Agreement: credit facility
Effective: 2024-02-07

Exact text from the filing

Concurrently with entry into the Credit Agreement, Potbelly Corporation (the “Company”) repaid in full and terminated the obligations and commitments of the lenders under the Company’s existing senior secured credit facility (the “Former Credit Facility”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

POTBELLY CORP entered into Credit Agreement with Wintrust Bank, N.A. valued at $30,000,000 (effective 2024-02-07).

Action: entry
Agreement: credit facility
Counterparty: Wintrust Bank, N.A.
Value: $30,000,000
Effective: 2024-02-07

Exact text from the filing

On February 7, 2024 (the “Closing Date”), Potbelly Sandwich Works, LLC (the “Borrower”) entered into a credit agreement (the “Credit Agreement”) with Wintrust Bank, N.A. as administrative agent (the “Administrative Agent”), the other loan parties party thereto and the lenders party thereto.

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Source: SEC EDGAR

accession 0001193125-24-031163

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