Company: TENB
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001660280-25-000034
Chunk: 139

Company: Tenable Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 139
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 costs (net of current portion)$356,705 _______________(1)    Term loan, net, current is included in other current liabilities on our consolidated balance sheets.The Term Loan bears interest at a rate of 2.75% per annum over the Secured Overnight Financing Rate ("SOFR"), subject to a 0.50% floor, plus a credit spread adjustment depending on the interest period. The Term Loan is being amortized at 1% per annum in equal quarterly installments until the final payment of $350.6 million on the July 7, 2028 maturity date. Our Term Loan is recorded at its carrying value. At December 31, 2024, the fair value of our Term Loan was approximately $364.7 million. In the fair value hierarchy, our Term Loan is classified as Level 2 as it is traded in less active markets. 

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The maturities of our Term Loan at December 31, 2024 were as follows:(in thousands)Year ending December 31,2025$3,750 20263,750 20273,750 2028352,500 Total$363,750 We may be subject to mandatory Term Loan prepayments related to the excess cash flow provisions. These prepayments would only be required if our first lien net leverage ratio (as defined in our Credit Agreement) exceeds 3.5 at the end of each year. At December 31, 2024, our first lien net leverage ratio was 0.86.The Revolving Credit Facility bears interest at a rate, depending on first lien net leverage, ranging from 2.00% to 2.50% over SOFR and matures on July 7, 2026. Additionally, we pay a commitment fee during the term ranging from 0.25% to 0.375% per annum of the average daily undrawn portion of the revolving commitments based on the first lien net leverage ratio. The Revolving Credit Facility contains a $15.0 million letter of credit sublimit.The Credit Agreement contains certain customary events of default, which include failure to make payments when due, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, failure of any lien created under the Security Documents (as defined in the Credit Agreement) to be valid and perfected (subject to certain exceptions), failure of