Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 34

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 things, limit the ability of the Company to incur additional debt, transfer or dispose of all of its assets, make certain investments, loans or payments and engage in certain transactions with affiliates. The Company was in compliance with all covenants for the reporting period ended March 31, 2025.Long-term debt consisted of the following at:($ in thousands except monthly payment amounts)March 31, 2025September 30, 2024Term note payable to Truist Bank, secured and bearing interest at 7.55% at March 31, 2025 and 7.85% at September 30, 2024. The note requires quarterly principal payments commencing on December 31, 2022 and maturing with a full repayment on July 31, 2026$375,469 $375,469 Revolving note payable for an amount up to $65.0 million to Truist Bank, secured and bearing interest at 7.54% at March 31, 2025 and 7.75% at September 30, 2024. The note requires full repayment on July 31, 202655,936 51,150 Notes payable to commercial vehicle lenders secured by the value of the vehicles bearing interest at rates ranging from 0.0% to 10.8% per annum. The notes require monthly installment payments of principal and interest ranging from $200 to $3,100 through February 20302,059 2,561 Note payable to Norfolk Marine Company, unsecured and bearing interest at 4.0% per annum. The note was paid in full on December 1, 2024— 1,126 Total debt outstanding433,464 430,306 Less current portion (net of debt issuance costs)(26,708)(7,874)Less unamortized portion of debt issuance costs(6,271)(7,498)Long-term debt, net of current portion and unamortized debt issuance costs$400,485 $414,934 As of March 31, 2025 and September 30, 2024, the Company had $2.8 million and $1.6 million, respectively, in letters of credit outstanding under the A&R Revolving Facility.

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9.    Derivative and Hedging Instruments

The Company is subject to interest rate risk as a result of required interest payments of the Inventory Financing Facility and A&R Credit Facility