Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 382

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 382
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ization of debt issuance costs. As of July 31, 2025 and January 31, 2025, we remain in compliance with the covenants of the loan agreement. Vista Facility In February 2025, we entered into a credit agreement with VCP Capital Markets, LLC, under which we issued term loans to lenders in exchange for proceeds of $130.0 million , which mature on

F-67 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

February 24, 2030 (the “Vista Facility”). In connection with the Vista Facility, we issued warrants covering 486,588 shares of common stock. The principal amount accrues cash interest at a floating rate based on SOFR plus 5% , and PIK interest of 1.5% . Interest is payable every three months in arrears, and PIK interest is added to the principal balance and compounded every three months. We may prepay the Vista Facility at any time, in whole or in part, prior to the maturity date. Prepayment is required upon certain qualified indebtedness, asset sales, or recovery events. Upon both optional and mandatory prepayments, we are required to pay a prepayment premium of (i) 3.0% of the principal amount prior to the first anniversary of the closing date, and (ii) 1.5% of the principal amount on or after the first anniversary but prior to the second anniversary of the closing date. We may prepay the Vista Facility in connection with a qualified IPO without incurring a prepayment penalty. The Vista Facility is senior secured debt. Upon issuance of the Vista Facility, the common stock warrants had a fair value of $11.0 million which was recorded as a debt discount. We incurred $3.6 million of debt issuance costs, which were recorded as a reduction to the debt liability. The debt discount and debt issuance costs are amortized to interest expense at an effective interest rate of 12.8% over the term of the loan. The common stock warrants are recorded within the condensed consolidated balance sheets as additional paid-in capital. The Vista Facility is classified within notes payable, non-current on our condensed consolidated balance sheets. The Vista Facility contains certain affirmative or negative covenants including, among other things, restrictions on repurchases of stock, dividends and other distributions. As of July 31, 2025 , we remain in compliance with all covenants. The net carrying