Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 143

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 143
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 of $20.0 million from borrowing on the Revolving Credit Facility, offset by $9.2 million from payments on finance leases, $9.5 million for repurchase of common stock, $12.6 million used for repayment of notes and $4.2 million used to purchase treasury shares.

44

Credit Facilities and Other Financing

As of September 30, 2025, we maintained a $140.0 million revolving credit facility (the “Revolving Credit Facility”) pursuant to a credit agreement with lenders, Bank of America N.A., as Administrative Agent, the Swingline Lender and L/C Issuer, and TD Bank, N.A. as syndication agent (as amended, the “Credit Agreement”). The Revolving Credit Facility has a maturity date of May 2, 2029. Under the terms of the Revolving Credit Facility, available cash in our primary operating account sweeps against the outstanding balance every evening. As of September 30, 2025, the balance on the Revolving Credit Facility was $57.0 million.

On October 30, 2025, the Company and certain of its subsidiaries acting as guarantors, entered into a Second Amendment to Credit Agreement. The Second Amendment increases the maximum principal amount of the Revolving Credit Facility from $140.0 million to $210.0 million and expands its banking syndicate to include Bank of America, N.A., TD Bank, N.A., and PNC Bank, National Association. In addition, it amends and restates the covenant in the Credit Agreement which required the Company to add subsidiaries as guarantors by clarifying it application to, and defining, a “Material Subsidiary” (as defined in the Credit Agreement” and allows the Company, so long as no default exists or would result from, to dissolve inactive subsidiaries.

The Revolving Credit Facility is secured by all the assets of the Company and the subsidiary guarantors. Under the Revolving Credit Facility, we are required to comply with certain covenants, including covenants on indebtedness, investments, liens and restricted payments, as well as to maintain certain financial covenants, including a fixed charge coverage ratio and leverage ratio of debt to EBITDA (as defined in the Revolving Credit Facility). At September 30, 2025, we were in compliance with all covenants.

We utilize master lease facilities primarily with Dext Capital (“Dext”) (formerly Honour Capital, LLC) and Enterprise Leasing (“