Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 396

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 396
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0 million for the Warehouse Credit Facility when the agreement was executed, an incremental $1.4 million upon the execution of various amendments in the year ended January 31, 2025 , and an incremental $2.8 million upon the extension of the Warehouse Credit Facility during the six months ended July 31, 2025 . These upfront commitment fees were recorded as a deferred cost asset on the balance sheet and are amortized on a straight-line basis as incremental interest expense. During the six months ended July 31, 2025 and 2024 , we drew down an aggregate of $15.0 million and $37.8 million , respectively. During the six months ended July 31, 2025 and 2024 , we repaid $81.1 million and $0.0 million of the Warehouse Credit Facility, respectively. The amounts outstanding under the Warehouse Credit Facility are payable in February 2028 . During the six months ended July 31, 2025 and 2024, we recognized $8.8 million and $11.4 million , respectively, of interest expense, comprised of $8.1 million and $10.7 million , respectively, of interest paid and payable, and $0.7 million and $0.7 million , respectively, interest for the amortization of debt issuance costs. As of July 31, 2025 and January 31, 2025, we remain in compliance with the covenants of the loan agreement. Vista Facility In February 2025, we entered into a credit agreement with VCP Capital Markets, LLC, under which we issued term loans to lenders in exchange for proceeds of $130.0 million , which mature on

F-67 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

February 24, 2030 (the “Vista Facility”). In connection with the Vista Facility, we issued warrants covering 486,588 shares of common stock. The principal amount accrues cash interest at a floating rate based on SOFR plus 5% , and PIK interest of 1.5% . Interest is payable every three months in arrears, and PIK interest is added to the principal balance and compounded every three months. We may prepay the Vista Facility at any time, in whole or in part, prior to the maturity date. Prepayment is required upon certain qualified indebtedness, asset sales, or recovery events. Upon both optional and