Potbelly Corporation closed a new $30 million revolving credit 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 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.
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