Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 344

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 344
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-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 years ended January 31, 2025 and 2024, we drew down an aggregate of $37.8 million and $206.4 million on the Warehouse Credit Facility. During the year ended January 31, 2025 , we repaid $30.0 million of the Warehouse Credit Facility. We did not make any repayments on the Warehouse Credit Facility during the year ended January 31, 2024. The amounts outstanding under the Warehouse Credit Facility are payable in February 2026. During the years ended January 31, 2025 and 2024, we recognized $22.9 million and $15.0 million of interest expense, respectively. Interest expense recognized during the years ended January 31, 2025 and 2024 is comprised of $21.4 million and $14.0 million of interest paid and payable, and $1.5 million and $1.0 million interest for the amortization of debt issuance costs, respectively. As of January 31, 2025 , we remain in compliance with the covenants of the loan agreement. Trade Loan Facility In June 2024, the Company entered into a loan agreement with Citibank, N.A. (“Citibank”) for an uncommitted revolving line of credit facility (“Trade Loan Facility”), which was subsequently amended in July 2024 with changes to certain legal requirements. The loan agreement provides for a credit facility of up to $45.0 million and will remain effective until 30 days after the Company receives written notice from the lender, or until the date specified in a notice from the Company to the lender, the latter of which may be contingent upon the completion of another transaction. Borrowings under the facility must be repaid subject to the terms of each borrowing request, subject to a maximum term of 90 days. Borrowings on the Trade Loan Facility bear interest on a floating rate based on SOFR plus 2%. Borrowings under the Trade Loan Facility are secured by the Company’s billed accounts receivables. During the year ended January 31, 2025 , the Company drew down a total of $45.0 million on the Trade Loan Facility. 2022 Promissory Note and Other Debt In September 2022, the Company issued a promissory note (the “