XPEL, Inc. (XPEL): debt financing — XPEL enters $125M credit facility with Wells Fargo; repays $31M prior debt

XPEL, Inc.

New $125M secured revolving credit facility and letters of credit with Wells Fargo as administrative agent.
Borrowed $31M at closing to repay all outstanding under Texas Partners Bank loan and pay related fees.
Interest rate options: Base Rate or Adjusted Term SOFR plus margin (0.00-0.50% Base, 1.00-1.50% SOFR) based on leverage ratio.
Financial covenants: Total Leverage Ratio ≤ 3.50x and Interest Coverage Ratio ≥ 3.00x, tested quarterly.
Prior Loan Agreement with Texas Partners Bank terminated and fully repaid.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

XPEL, Inc. incurred revolving credit of up to $125 million with Wells Fargo Bank, N.A. at Base Rate or Adjusted Term SOFR plus an applicable margin ranging from 0.00% to.

Instrument: revolving credit
Principal: up to $125 million
Counterparty: Wells Fargo Bank, N.A.
Rate: Base Rate or Adjusted Term SOFR plus an applicable margin ranging from 0.00% to
Event: incurrence

Exact text from the filing

On April 6, 2023, XPEL, Inc. (“XPEL”) entered into a Credit Agreement (“Credit Agreement”) with Wells Fargo Bank, N.A., as Administrative Agent, and other lenders party thereto. The Credit Agreement provides for secured revolving loans and letters of credit in an aggregate amount of up to $125 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

XPEL, Inc. entered into Credit Agreement with Wells Fargo Bank, N.A., as Administrative Agent, and other lenders party thereto valued at up to $125 million (effective 2023-04-06).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A., as Administrative Agent, and other lenders party thereto
Value: up to $125 million
Effective: 2023-04-06

Exact text from the filing

On April 6, 2023, XPEL, Inc. (“XPEL”) entered into a Credit Agreement (“Credit Agreement”) with Wells Fargo Bank, N.A., as Administrative Agent, and other lenders party thereto.

View on SEC.gov

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XPEL, Inc. filing history →

Source: SEC EDGAR

accession 0001767258-23-000018

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