---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-25-005407"
form_type: "8-K"
ticker: "XELB"
cik: "0001083220"
company_name: "XCel Brands, Inc."
filed_at: "2025-04-24T23:59:59+00:00"
generated_at: "2026-05-23T06:39:37.182613+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Xcel Brands enters loan amendment, adds $5.12M debt, cuts IM Topco ownership to 17.5%

## Summary
- Reduced ownership in IM Topco from 30% to 17.5% via membership interest transfer on April 15, 2025.
- Entered Second Amendment to Loan Agreement on April 21, 2025, adding $5.12M Term Loan B (total $9.12M) and repaying $1.5M of Term Loan A, leaving $2.45M outstanding.
- Issued warrants to UTG for 1,107,455 shares at exercise prices $6.60-$17.50; issued 30,000 warrants to Restore at $6.67.
- Term Loan B interest: SOFR + 6.5% (2.0% floor), paid in-kind through March 2027; maturity December 12, 2028.
- UTG granted right to nominate one board member while holding at least $1M participation or 300,000 shares.

## SEC filing metadata
- accession: 0001558370-25-005407
- form_type: 8-K
- ticker: XELB
- cik: 0001083220
- company_name: XCel Brands, Inc.
- filed_at: 2025-04-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083220/000155837025005407/0001558370-25-005407-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083220/000155837025005407/xelb-20250415x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-25-005407
- JSON: https://secwatch.observer/filing/0001558370-25-005407.json
- Plain text: https://secwatch.observer/filing/0001558370-25-005407.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.