Company: BWMN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001628280-25-012365
Chunk: 38

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 38
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.A. In connection with the Revolving Credit Facility 2024, the Company and certain of its subsidiaries entered into a Security and Pledge Agreement dated May 2, 2024 with Bank of America, N.A., in its capacity as Administrative Agent. Under the Revolving Credit Facility 2024, the Company is required to comply with certain covenants, including covenants on indebtedness, 

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Table of Content

investments, liens and restricted payments, as well as maintain certain financial covenants, including a fixed charge coverage ratio and leverage ratio of debt to EBITDA (as defined in the Revolving Credit Facility 2024). The Company recorded $0.3 million of deferred financing costs which will be amortized over the term outlined in the Revolving Credit Facility 2024.On December 31, 2024, the interest rates on the Revolving Credit Facility 2024 ranged from 6.91% to 8.95%. All outstanding principal on the Revolving Credit Facility 2024 is due on May 2, 2029. As of December 31, 2024, the outstanding balance on the Revolving Credit Facility 2024 was $37.0 million, and there was no outstanding balance as of December 31, 2023.The Company secures its obligations under the Revolving Credit Facility 2024 with substantially all assets of the Company. Obligations of the Company to certain other shareholders of the Company are subordinated to the Company’s obligations under the Revolving Credit Facility 2024. The Company must maintain, on a combined basis, certain financial covenants defined in the Revolving Credit Facility 2024On November 11, 2022, the Company and certain of its subsidiaries, as guarantors, entered into an Amended and Restated Credit Agreement with Bank of America, N.A. for the 2022 Revolving Credit Facility, as well as an Amended and Restated Pledge and Security. On August 2, 2023, the Company entered into a First Amendment to the Amended and Restated Credit Agreement whereby the maximum principal amount of the 2022 Revolving Credit Facility was increased to $70 million. As of December 31, 2024, this 2022 Revolving Credit Facility was paid in full, and $0.1 million of deferred financing costs were expensed along with the termination of the Amended and Restated Credit Agreement. On December 31