Company: ASAN
Filing Date: 2025-12-02
Form Type: 10-Q
Source: 0001477720-25-000237
Chunk: 252

Company: Asana, Inc.
Filing Date: 2025-12-02
Form: 10-Q
Item: Part I, Item 8
Chunk 252
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 to the applicable adjusted term SOFR rate, which is equal to the applicable term SOFR rate plus a term SOFR adjustment of 10 basis points, provided such adjusted term SOFR rate shall not be less than zero, plus an applicable margin of 2.25%. Interest accrues and is payable on a monthly basis.The November 2022 Senior Secured Credit Facility contains customary conditions to borrowing, events of default, and covenants, including covenants that restrict the Company’s ability to incur indebtedness, make or hold investments, execute certain change of control transactions, business combinations or other fundamental changes to the business, dispose of assets, make certain types of restricted payments or enter into certain related party transactions, subject to customary exceptions. In addition, the November 2022 Senior Secured Credit Facility contains financial covenants, including a consolidated adjusted quick ratio of 1.25 to 1.00, as well as a minimum cash adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), each tested on a quarterly basis.Pursuant to the terms of the November 2022 Senior Secured Credit Facility, the Company may issue letters of credit which may reduce the total amount available for borrowing under the revolving credit facility. Additionally, the Company is required to pay an annual commitment fee that accrues at a rate of 0.15% per annum on the unused portion of the borrowing commitments under the revolving credit facility. The Company had an aggregate of $21.7 million of letters of credit outstanding under the revolving credit facility as of October 31, 2025, and the Company’s total available borrowing capacity under the revolving credit facility was $78.3 million as of October 31, 2025.As of October 31, 2025, $50.0 million was drawn and $40.6 million was outstanding under the November 2022 Senior Secured Credit Facility. As of October 31, 2025, the Company was in compliance with all financial covenants.In conjunction with the close of the November 2022 Senior Secured Credit Facility, the Company paid upfront issuance fees of $0.4 million. The upfront fees are amortized over the remaining term of the agreement. As of October 31, 2025, the Company had $0.1 million remaining of upfront issuance fees allocated to the revolving credit facility presented in the Company’s condensed consolidated balance sheet within other assets.The net carrying amounts of the November 2022 Senior Sec