Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 63

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 63
---
 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 (“Enterprise”). The Dext lease facility finances our acquisition of IT infrastructure, geospatial and survey equipment, furniture and other long-lived assets. The Enterprise lease facility finances the acquisition of field trucks and other service vehicles. At September 30, 2025, we maintained a fleet of approximately 500 vehicles. All of our leasing facilities allow for both operating and finance leasing. We allocate finance lease payments between amortization and interest. The payment terms on the lease agreements range between 30 and 50 months with payments totaling approximately $1.1 million per month. We utilize a third party valuation specialist to formulate the incremental borrowing rates for the Company, to calculate the present value on new leases. 

We regularly evaluate our options with respect to capital and our requirements for operations and growth. We do not limit our consideration to traditional bank financing, but rather include other structured debt and equity as option for additional capital.

For more information about our credit facilities, see Note 11 – Revolving Credit Facilities.

Registration Statement