Company: TENB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001660280-25-000090
Chunk: 15

Company: Tenable Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 ending December 31, 2025.Operating lease payments in the table above do not include $0.9 million, $1.7 million, $1.8 million, $1.9 million, $1.9 million and $4.5 million of sublease payments we expect to receive in 2025, 2026, 2027, 2028, 2029 and thereafter, respectively.

8. Debt 

Credit AgreementIn July 2021, we entered into a credit agreement ("Credit Agreement") which is comprised of:•a $375.0 million senior secured term loan facility ("Term Loan"); and •a $50.0 million senior secured revolving credit facility ("Revolving Credit Facility").The table below summarizes the carrying value of the Term Loan:(in thousands)June 30, 2025Term loan$361,875 Less: Unamortized debt discount and issuance costs(3,894)Term loan, net of issuance costs357,981 Less: Term loan, net, current (1)(2,542)Term loan, net of issuance costs (net of current portion)$355,439 _______________(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 June 30, 2025, the fair value of our Term Loan was approximately $361.9 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 the Term Loan at June 30, 2025 were as follows:(in thousands)Year ending December 31,2025(1)$1,875 20263,750 20273,750 2028352,500 Total$361,875 _______________(1)    Represents the six months ending December 31, 2025.We may be subject to mandatory Term Loan prepayments related to the excess cash