Xcel Brands enters $29M loan agreement with FEAC, LIBOR+7.5%, matures April 2025

XCel Brands, Inc.

Borrowed $29M term loan from FEAC-led lenders to refinance existing debt and for working capital/acquisitions.
Interest at LIBOR+7.5% per annum; quarterly principal payments of $625k start March 31, 2022, maturity April 14, 2025.
Covenants: min liquid assets $2.5-3M, fixed charge coverage >=1.00x, loan-to-value <=50%, min revenues stepping to $25M.
Lenders granted right of first offer on future acquisitions financed by non-cash consideration.
Loan secured by all assets of Xcel and nine subsidiary guarantors.

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