Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 103

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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 stock) of the Company and its subsidiaries. The collateral does not include inventory and certain other assets of the Company’s subsidiaries financed under the Inventory Financing Facility. The A&R Credit Facility is subject to certain financial covenants related to the maintenance of a minimum fixed charge coverage ratio, a maximum consolidated leverage ratio and a minimum liquidity measure. The A&R Credit Facility also contains non-financial covenants and restrictive provisions that, among other things, limit the ability of the Company to incur additional debt, transfer or dispose of all of its assets, make certain investments, loans or payments and engage in certain transactions with affiliates. The Company was in compliance with all covenants for the reporting period ended March 31, 2025.Long-term debt consisted of the following at:($ in thousands except monthly payment amounts)March 31, 2025September 30, 2024Term note payable to Truist Bank, secured and bearing interest at 7.55% at March 31, 2025 and 7.85% at September 30, 2024. The note requires quarterly principal payments commencing on December 31, 2022 and maturing with a full repayment on July 31, 2026$375,469 $375,469 Revolving note payable for an amount up to $65.0 million to Truist Bank, secured and bearing interest at 7.54% at March 31, 2025 and 7.75% at September 30, 2024. The note requires full repayment on July 31, 202655,936 51,150 Notes payable to commercial vehicle lenders secured by the value of the vehicles bearing interest at rates ranging from 0.0% to 10.8% per annum. The notes require monthly installment payments of principal and interest ranging from $200 to $3,100 through February 20302,059 2,561 Note payable to Norfolk Marine Company, unsecured and bearing interest at 4.0% per annum. The note was paid in full on December 1, 2024— 1,126 Total debt outstanding433,464 430,306 Less current portion (net of debt issuance costs)(26,708)(7,874)Less unamortized portion of debt issuance costs(6,271)(7,498)Long-term debt, net of current portion and unamortized debt issuance costs$400,485 $414,934