Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 346

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 346
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 -7,488 |
| Unamortized debt issuance costs........................................................................                       |               -28 |     |      -64 |
| PIK interest added to principal balance...............................................................                        |            28,708 |     |   15,877 |
| Net carrying amount..........................................................................................                 |          $175,338 |     | $158,325 |

Interest expense related to the 2022 Promissory Note was as follows (in thousands):

|                                                                                                                             | Year Ended January 31, 
                   2025 |     |    2024 |
|:----------------------------------------------------------------------------------------------------------------------------|-----------------------:|:----|--------:|
| Amortization of debt discount................................................................................               |                 $4,147 |     |  $3,295 |
| Amortization of debt issuance costs....................................................................                     |                     35 |     |      28 |
| PIK interest............................................................................................................... |                 12,831 |     |  11,910 |
| Cash interest............................................................................................................   |                  6,843 |     |   6,335 |
| Total interest expense......................................................................................                |                $23,856 |     | $21,568 |

Future payments of principal associated with the 2022 Promissory Note and other notes payable are as follows (in thousands):

| Year Ended January 31,                                                                                                                                   
 2026.................................................................................................................................................... |     |   Amount 
 $150,586 |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------|:----|---------:|
| 2027.................................................................................................................................................... |     |      302 |
| 2028.................................................................................................................................................... |     |       80 |
| 2029.................................................................................................................................................... |     |        — |
| 2030.................................................................................................................................................... |     |        — |
| Thereafter...........................................................................................................................................    |     |        — |
| Total debt outstanding......................................................................................................................             |     | $150,968 |
| Less: Unamortized issuance costs and debt discounts..............................................................                                        |     |   -3,370 |
| Plus: PIK interest...............................................................................................................................        |     |   28,709 |
| Less: Notes payable, current..........................................................................................................                   |     | -175,913 |
| Notes payable, non-current.............................................................................................................                  |     |     $394 |

The Credit Agreement In December 2019, the Company entered into a credit agreement with a group of lenders (the “Credit Agreement