Company: EVCM
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001853145-25-000009
Chunk: 164

Company: EverCommerce Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 164
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 amount of $533.5 million. Following the Amendment, the Term Loan bears interest, at the borrower’s election, at (x) a forward-looking term rate based upon SOFR plus an applicable margin of 2.50%, with a minimum forward-looking SOFR rate 0.50% or (y) ABR plus an applicable margin of 1.50%, with a minimum ABR of 1.50%, in each case, with no step-downs. The credit spread adjustment was removed in connection with the Amendment. The refinanced Term Loan priced at par and refinanced all of the existing term loans outstanding under the Credit Agreement immediately prior to giving effect to the Amendment.The Company determines the fair value of long-term debt based on trading prices for its debt if available. As of December 31, 2024, the Company obtained trading prices for the term notes outstanding. However, as such trading prices require significant unobservable inputs to the pricing model, such instruments are classified as Level 2. The fair value amounts were approximately $537.4 million and $540.3 million as of December 31, 2024 and 2023, respectively.The Company has entered into the following interest rate swap agreements in connection with its Credit Facilities to convert a portion of the floating rate component of the Term Loan from a floating rate to fixed rate:SwapEffective Date Expiration DateFixed Interest RateNotional AmountAsset (Liability) Fair Value atDecember 31, 2024(in thousands)(in thousands)Initial SwapOctober 31, 2022October 31, 20274.212 %$200,000 $(947)Second SwapMarch 31, 2023October 31, 20273.951 %100,000 232 Third SwapSeptember 20, 2024October 31, 20273.395 %125,000 2,210 The Swap Agreements are accounted for as derivatives whereby the fair value of the contract is reported within the consolidated balance sheets, and related gains and losses resulting from changes in the fair value are reported in interest and other expense, net, in the statements of operations and comprehensive loss. As of December 31, 2024 the fair value of the Initial Swap was a liability of $0.9 million, while the fair value of the Second and Third Swaps were an asset of $2.4 million, which are reported in other non-current liabilities and other non-current assets, respectively, on the consolidated