Company: PHR
Filing Date: 2025-11-12
Form Type: 8-K
Source: 0001412408-25-000114
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Company: Phreesia, Inc.
Filing Date: 2025-11-12
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

Bridge Credit Agreement

On the Closing Date, in connection with the closing of the AccessOne Acquisition, the Company entered into a bridge loan credit agreement (the “ Bridge Credit Agreement”) by and among the Company, the lenders from time to time party thereto, and Goldman Sachs Bank USA, as administrative agent, collateral agent, sole lead arranger and bookrunner, with respect to a 364-day $110 million secured term loan (the “ Bridge Loan”). The entire amount of the Bridge Loan was funded on the Closing Date and the Company used the net proceeds thereof to fund a portion of the consideration for the AccessOne Acquisition and to pay related fees and expenses.

The Bridge Loan will bear interest at a fluctuating rate per annum equal to, at the Company’s option, the forward-looking Secured Overnight Financing Rate (such borrowings, “ SOFR Loans”) plus an applicable margin. In the event that the Bridge Loan remains outstanding for more than 90, 180 or 270 days, the Company will be obligated to pay duration fees of 0.75%, 1.25% and 1.50%, respectively, of the principal amounts outstanding on such date.

The Bridge Loan, net of any prepayments, will become payable in full at maturity on November 11, 2026. There is no required amortization, and voluntary prepayments of the Bridge Loan are permissible without penalty, subject to certain conditions pertaining to minimum notice and minimum prepayment amounts as described in the Bridge Credit Agreement. The Bridge Loan is subject to mandatory prepayment upon certain debt incurrences, equity issuances or asset sales. All mandatory prepayments are subject to the terms of that certain ABL Intercreditor Agreement, dated as of November 12, 2025, by and between Goldman Sachs Bank USA and Capital One, National Association ("Capital One”), which governs the relative rights of the secured parties in respect of the Bridge Loan and the Company’s senior ABL facility (the "Capital One Credit Facility") pursuant to that certain Credit Agreement, dated as of December 4, 2023, by and among the Company, certain subsidiaries of the Company and Capital One (the "Capital One Credit Agreement").

The obligations under the Bridge Credit Agreement are (i) guaranteed by certain of the Company’s subsidiaries located in the United States and (ii) secured by a lien on substantially all tangible and intangible property of the secured parties and pledges of the equity of certain subsidiaries,