Company: EVCM
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001853145-25-000037
Chunk: 85

Company: EverCommerce Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 85
---
.0 million to $155.0 million. With respect to $125.0 million of such commitments, (i) the maturity date was extended to January 6, 2028 and (ii) the applicable margin for (x) Term SOFR loans was reduced to 2.50% and (y) Alternate Base Rate loans was reduced to 1.50%, in each case, subject to a single 0.25% step-down based on the Company’s first lien net leverage ratio. With respect to the remaining $30.0 million of such commitments, (i) the maturity date remains July 6, 2026 and (ii) the applicable margin was unchanged.The Company determines the fair value of long-term debt based on trading prices for its debt if available. As of June 30, 2025, the Company obtained trading prices for the term notes outstanding. However, as such trading prices require significant unobservable inputs to the pricing model, such instruments are classified as Level 2. The fair value amounts were approximately $531.4 million and $537.4 million as of June 30, 2025 and December 31, 2024, respectively.The Company has entered into the following interest rate swap agreements in connection with its Credit Facilities to convert a portion of the floating rate component of the Term Loan from a floating rate to fixed rate:EffectiveExpirationFixed InterestNotionalAsset (Liability) Fair Value atSwapDateDateRateAmountJune 30, 2025(in thousands)(in thousands)Initial SwapOctober 31, 2022October 31, 20274.212 %$200,000 $(3,511)Second SwapMarch 31, 2023October 31, 20273.951 %100,000 (1,165)Third SwapSeptember 20, 2024October 31, 20273.395 %125,000 165 The Swap Agreements are accounted for as derivatives whereby the fair value of each contract is reported within the unaudited condensed consolidated balance sheets, and related gains or losses resulting from changes in the fair value are reported in interest and other expense, net, on the unaudited condensed consolidated statements of operations and comprehensive loss. As of June 30, 2025 the fair value of the Initial and Second Swaps were a liability of $4.7 million, while the fair value of the Third Swap was an asset of $0.2 million, which