Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 337

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 337
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 carrying amount of the convertible notes was as follows (in thousands):

|                                         |     | As of January 31, |    2025 |     |   |    2024 |
|:----------------------------------------|:----|:------------------|--------:|:----|:--|--------:|
| Principal                               |     | $                 | 125,000 |     | $ | 125,000 |
| Unamortized debt discount               |     |                   |  -7,456 |     |   | -13,581 |
| Unamortized debt issuance costs         |     |                   |    -498 |     |   |    -906 |
| PIK interest added to principal balance |     |                   |  65,348 |     |   |  44,174 |
| Net carrying amount                     |     | $                 | 182,394 |     | $ | 154,687 |

Interest expense related to the convertible notes was as follows (in thousands):

|                                     |     | Year Ended January 31, |   2025 |     |   |   2024 |
|:------------------------------------|:----|:-----------------------|-------:|:----|:--|-------:|
| Amortization of debt discount       |     | $                      |  6,124 |     | $ |  9,267 |
| Amortization of debt issuance costs |     |                        |    409 |     |   |    618 |
| PIK interest                        |     |                        | 21,174 |     |   | 16,155 |
| Total non-cash interest expense     |     | $                      | 27,707 |     | $ | 26,040 |

#### Warehouse Credit Facility
In November 2022, Liquid Labs SPV, LLC (“Liquid Labs”), a wholly-owned subsidiary of the Company, entered into a loan agreement with a group of lenders for a revolving warehouse credit facility (“Warehouse Credit Facility”). Under the original terms of the agreement, the Warehouse Credit Facility had a maturity date of February 18, 2025, or earlier pursuant to the loan agreement, and had a total commitment amount of $200.0 million, consisting of a Class A facility and a Class B facility for $171.1 million and $28.9 million, respectively. The Warehouse Credit Facility was established to finance the Company’s expense management offering. Borrowings on the Warehouse Credit Facility bear interest at