Potbelly Corp (PBPB) has released an update.
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Potbelly Sandwich Works, LLC secured a $30 million revolving loan facility from Wintrust Bank, which will serve for general corporate needs and working capital. This new credit line, replacing the former senior secured credit facility, will stand until 2027, offering flexible interest rates tied to the company’s leverage ratio. Potbelly Corporation can pay off this debt early without penalties, while maintaining certain financial covenants and restrictions to safeguard the lenders’ interests. This financial maneuver aims to fortify Potbelly’s financial position and ensure operational flexibility.
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