Company: EVCM
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001853145-25-000047
Chunk: 90

Company: EverCommerce Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 90
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 or (y) Alternate Base Rate (as defined in the Credit Agreement) plus an applicable margin of 1.25%, with a minimum ABR of 1.50%, in each case, with no step-downs. The refinanced Term Loan priced at par and refinanced the existing term loan outstanding under the Credit Agreement immediately prior to giving effect to the 2025 Amendment.Pursuant to the 2025 Amendment, with respect to $125.0 million of commitments under the existing $155.0 million Revolver, (i) the maturity date was extended to July 29, 2030 and (ii) the applicable margin for (x) Term SOFR loans was reduced to 2.00% and (y) Alternate Base Rate loans was reduced to 1.00%, in each case, subject to one 25 basis points step-up based on the Company’s first lien net leverage ratio. Other than the changes noted above, the terms and conditions of all commitments at closing as well as those extending beyond the original maturity date remain the same as the existing Revolver. Accordingly, $155.0 million of availability remains under the Revolver until July 6, 2026 and then reduces to $125.0 million through July 29, 2030.The Company determines the fair value of long-term debt based on trading prices for its debt if available. As of September 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 $529.3 million and $537.4 million as of September 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 atSwapDateDateRateAmountSeptember 30, 2025(in thousands)(in thousands)Initial SwapOctober 31, 2022October 31, 20274.212 %$200,000 $(3,449)Second SwapMarch 31, 2023October 31, 20273.951 %100,000 (1,195)Third SwapSeptember 20, 2024October 31, 20273