Xcel Brands closes $10M secured loan facility, repays IDB debt, issues 1.46M warrants

XCel Brands, Inc.

New term loans: $3.95M (A), $4M (B), $2.05M delayed draw; maturity Dec 12, 2028.
Interest: SOFR (2% floor) + 8.5% (A/DDTL) and 13.5% (B); quarterly principal payments of $250k from Mar 2026.
Proceeds repaid $200k advance from IPX (CEO D'Loren) and existing IDB term loan; balance for working capital.
Issued 1,456,667 warrants at $0.6315/share; IPX purchased 12.5% subordinated participation in Term Loan B for $0.5M.
Loan guaranteed by subsidiaries, secured by all assets; borrowing base based on IP liquidation value minus $3M block.

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