---
schema_version: "secwatch.filing_event.v1"
accession: "0001767258-23-000018"
form_type: "8-K"
ticker: "XPEL"
cik: "0001767258"
company_name: "XPEL, Inc."
filed_at: "2023-04-10T23:59:59+00:00"
generated_at: "2026-06-17T04:15:30.218470+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# XPEL enters $125M credit facility with Wells Fargo; repays $31M prior debt

## Summary
- 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.

## SEC filing metadata
- accession: 0001767258-23-000018
- form_type: 8-K
- ticker: XPEL
- cik: 0001767258
- company_name: XPEL, Inc.
- filed_at: 2023-04-10T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1767258/000176725823000018/0001767258-23-000018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1767258/000176725823000018/xpel-20230406.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001767258-23-000018
- JSON: https://secwatch.observer/filing/0001767258-23-000018.json
- Plain text: https://secwatch.observer/filing/0001767258-23-000018.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1767258/000176725823000018/0001767258-23-000018-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1767258/000176725823000018/0001767258-23-000018-index.htm

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