Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 398

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 398
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    |     |        — |
| Total debt outstanding......................................................................................................................             |     | $131,823 |
| Less: Unamortized issuance costs and debt discounts..............................................................                                        |     |  -13,753 |
| Plus: PIK interest...............................................................................................................................        |     |      853 |
| Less: Notes payable, current..........................................................................................................                   |     |   -1,602 |
| Notes payable, non-current.............................................................................................................                  |     | $117,321 |

Trade Loan Facility In June 2024 , the Company entered into a loan agreement with 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 provided for a credit facility of up to $45.0 million and is 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 were secured by the Company’s billed accounts receivables. During the six months ended July 31, 2025 , we paid $45.3 million to settle the Trade Loan Facility, comprised of $45.0 million for the outstanding balance and $0.3 million for interest. No balances remain outstanding as of July 31, 2025 . 2022 Promissory Note In September 2022, the Company issued a promissory note (the “2022 Promissory Note”) to a lender for $150.0 million with a maturity date of September 26, 2025 . In conjunction with the 2022 Promissory Note, the Company issued 599,280 common stock warrants. Interest accrues on the principal amount at 11.5% per annum and is comprised of cash interest of 4% and PIK interest of 7.5% . Interest was payable quarterly in arrears and PIK interest was added to the principal balance and compounded on a quarterly basis. The Company had the option to prepay the 2022 Promissory Note at any time for a prepayment amount equal to