Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 360

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 360
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                |                $23,856 |     | $21,568 |

Future payments of principal associated with the 2022 Promissory Note and other notes payable are as follows (in thousands):

| Year Ended January 31,                                                                                                                                   
 2026.................................................................................................................................................... |     |   Amount 
 $150,586 |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------|:----|---------:|
| 2027.................................................................................................................................................... |     |      302 |
| 2028.................................................................................................................................................... |     |       80 |
| 2029.................................................................................................................................................... |     |        — |
| 2030.................................................................................................................................................... |     |        — |
| Thereafter...........................................................................................................................................    |     |        — |
| Total debt outstanding......................................................................................................................             |     | $150,968 |
| Less: Unamortized issuance costs and debt discounts..............................................................                                        |     |   -3,370 |
| Plus: PIK interest...............................................................................................................................        |     |   28,709 |
| Less: Notes payable, current..........................................................................................................                   |     | -175,913 |
| Notes payable, non-current.............................................................................................................                  |     |     $394 |

The Credit Agreement In December 2019, the Company entered into a credit agreement with a group of lenders (the “Credit Agreement”). The Credit Agreement, as amended from time to time, provides for a credit facility of up to $100.0 million and includes a revolving credit facility, as well as a swingline sub-facility with borrowings of up to $20.0 million and a letter of credit sub-facility with borrowings of up to $10.0 million . From November 2021 through November 2022, the Company entered into multiple amendments to the Credit Agreement to extend the maturity date, to change the size of the facility, and to change the interest rates applicable to the borrowings. Interest expense associated with the Credit Agreement during the year ended January 31, 2024 was $0.6 million for unused commitment, amortization of debt issuance costs and stated interest.

F-32 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

On April 27, 2023, we entered into an agreement to terminate the Credit Agreement effective May 1, 2023. There were no outstanding balances on the Credit Agreement at the time of termination. NOTE 9 – VARIABLE INTEREST ENTITIES VIE