Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 152

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 152
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 generated in foreign currency, and amendments to certain financial covenants. Subject to the amended terms, the available borrowings decreased to $250.0 million in April 2025 through the maturity date.

The Warehouse Credit Facility contains mandatory and optional redemption features upon an event of default and other potential additional interest provisions that are bifurcated and treated as embedded derivative liabilities under the accounting guidance Financial Accounting Standards Board Accounting Standards Codification Topic 815, Derivatives and Hedging, or ASC 815. At inception of the Warehouse Credit Facility, and as of January 31, 2025 and 2024, the fair value of the embedded derivative liabilities was determined to be immaterial.

We incurred upfront commitment fees of $2.0 million for the Warehouse Credit Facility, which were recorded as a deferred cost asset on the balance sheet and are amortized on a straight-line basis as incremental interest expense. We incurred incremental upfront commitment fees of $1.4 million upon the renewal of the Warehouse Credit Facility during the year ended January 31, 2025.

During the year ended January 31, 2025, we drew down an aggregate of $37.8 million and repaid $30.0 million of the Warehouse Credit Facility.

During the year ended January 31, 2025 we recognized $22.9 million of interest expense. Interest expense recognized during the year ended January 31, 2025 is comprised of $21.4 million of interest paid and payable, and $1.5 million interest for the amortization of debt issuance costs. During the ended , 2025, we recognized $ of interest expense, comprised of $ of interest paid and payable and $ for the amortization of debt issuance costs.

In April 2025, we executed an amendment to extend the term of the Warehouse Credit Facility through February 18, 2028.

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As of , 2025, we remain in compliance with the covenants of the loan agreement. See the section titled “Description of Material Indebtedness–Warehouse Credit Facility” for further detail.

#### The Vista Facility
In February 2025, we issued term loans under the Vista Facility to lenders in exchange for proceeds of $130.0 million, which mature on February 24, 2030. In connection with the term loans under the Vista Facility, we issued warrants covering 1,459,768 shares of Class A common stock. The principal amount accrues interest at a variable interest