Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 379

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 379
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 ABL facility...............................................................................................................  |        34,500 |     |               — |
| Notes payable:                                                                                                               |               |     |                 |
| 2022 promissory note........................................................................................                 |             — |     |         150,000 |
| Vista facility.........................................................................................................      |       130,000 |     |               — |
| Other debt...........................................................................................................        |         1,823 |     |             968 |
| Total notes payable................................................................................................          |       131,823 |     |         150,968 |
| Total principal amount of debt and borrowings..................................................                              |       602,497 |     |         535,206 |
| Less: unamortized debt discount and issuance costs.............................                                              |       -20,834 |     |         -11,324 |
| Plus: accrued interest...................................................................................                    |        78,097 |     |          94,056 |
| Net carrying value of debt and borrowings.........................................................                           |      $659,760 |     |        $617,938 |

Convertible Notes In June 2020 , we issued convertible notes of $125.0 million in aggregate principal amount, net of $2.9 million in debt issuance costs, with an initial maturity of June 2025 . During the year ended January 31, 2025 , the holders exercised their option to extend the term of the convertible notes by two years from June 2025 to June 2027 . Interest accrues on the principal amount at an initial rate of 7.5% per annum and is added to the principal as payment in kind (“PIK”) interest and compounded semi-annually. Beginning in June 2022 , the stated interest rate escalated 1.0% biannually to the current rate of 12.5% per annum through maturity. The interest rate remained unchanged through the extended term. The convertible notes contain certain affirmative or negative covenants applicable to the Company, including, among other things, restrictions on repurchases of stock, dividends and other distributions. The convertible notes also contain embedded features, including conversion options that are exercisable upon the occurrence of various contingencies. The conversion options involve a discount to

F-65 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

the conversion price ranging from 20% to 35% that increases with the passage of time. The share