Company: ONEW
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001772921-25-000013
Chunk: 89

Company: OneWater Marine Inc.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 full repayment on July 31, 2026$375,469 $375,469 Revolving note payable for an amount up to $65.0 million to Truist Bank, secured and bearing interest at 7.89% at December 31, 2024 and 7.75% at September 30, 2024. The note requires full repayment on July 31, 202658,040 51,150 Notes payable to commercial vehicle lenders secured by the value of the vehicles bearing interest at rates ranging from 0.0% to 10.8% per annum. The notes require monthly installment payments of principal and interest ranging from $200 to $3,100 through April 20292,254 2,561 Note payable to Norfolk Marine Company, unsecured and bearing interest at 4.0% per annum. The note was paid in full on December 1, 2024— 1,126 Total debt outstanding435,763 430,306 Less current portion (net of debt issuance costs)(15,672)(7,874)Less unamortized portion of debt issuance costs(7,501)(7,498)Long-term debt, net of current portion and unamortized debt issuance costs$412,590 $414,934 As of December 31, 2024 and September 30, 2024, the Company had $1.6 million in letters of credit outstanding under the A&R Revolving Facility.

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10.    Derivative and Hedging Instruments

The Company is subject to interest rate risk as a result of the Inventory Financing Facility and A&R Credit Facility required interest payments. The Company has two interest rate swap agreements which are designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the SOFR and Term SOFR rates which are used in calculating interest payments. The following table provides information on the attributes of each swap as of December 31, 2024:Inception DateHedged RateNotional Value at Inception (in thousands)Maturity DateSeptember 2024SOFR$200,000 September 2027September 2024Term SOFR$200,000 September 2027The fair value of the cash flow swaps is calculated using an income approach. The income approach involves using the quoted price for economically equivalent inputs or valuation methodologies, assumptions and inputs, which in the case of projected future cash flows, discount such cash flows