Company: APPN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001441683-25-000068
Chunk: 28

Company: APPIAN CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 1
Chunk 28
---
) the higher of the Prime rate or the Federal Funds Effective rate (“Base Rate”) plus 0.5% or (b) the forward-looking term rate based on the secured overnight financing rate (“Term SOFR”). An additional interest rate margin is added to the elected interest rates. During the first three years of the Credit Agreement, the additional interest rate margin ranges from 1.5% to 2.5% in the case of Base Rate advances or from 2.5% to 3.5% in the case of Term SOFR advances, depending on our debt to recurring revenue leverage ratio (as defined in the Credit Agreement). During the final two years of the Credit Agreement, the interest rate margin ranges from 0.5% to 2.5% in the case of Base Rate advances and from 1.5% to 3.5% in the case of Term SOFR advances, depending on our debt to consolidated adjusted EBITDA leverage ratio (as defined in the Credit Agreement). In addition, the Credit Agreement contains other customary representations, warranties, and covenants, including covenants by us limiting additional indebtedness, guarantees, liens, fundamental changes, mergers and consolidations, dispositions of assets, investments, paying dividends on capital stock or redeeming, repurchasing, or retiring capital stock, prepaying certain junior indebtedness and preferred stock, certain corporate changes, and transactions with affiliates. The Credit Agreement also provides for customary events of default, including but not limited to, non-payment, breaches, or defaults in the performance of covenants, insolvency, bankruptcy, and the occurrence of a material adverse effect on us. 

19

The following table summarizes outstanding debt balances (in thousands):As ofSeptember 30, 2025December 31, 2024Borrowings under revolving credit facility$62,000 $62,000 Secured term loan facility184,563 189,563 Less: Debt issuance costs (1)(838)(1,139)Total debt, net of debt issuance costs$245,725$250,424Debt, current$12,098$9,598Long-term debt 233,627240,826Total debt$245,725$250,424(1) Deferred debt issuance costs associated with the term loan facility are recorded net of the debt obligation and amortized to interest expense over the term of the Credit Agreement. As of September 30, 2025, we were in