Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 397

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 397
---
K interest............................................................................................................... |                       853 |     |    — |
| Cash interest............................................................................................................   |                     5,303 |     |    — |
| Total interest expense.......................................................................................               |                    $7,049 |     |   $— |

ABL Facility In March 2025 , the Company executed an asset-based lending revolving line of credit (the “ABL Facility”) with Citibank, N.A. (“Citibank”) which matures in March 2028 . The ABL Facility has a borrowing limit of $100.0 million and incurs interest at SOFR plus 2.5% . Any unused portion of the ABL Facility will bear interest at 0.25% per annum. The available borrowings are based on eligible U.S. and UK travel receivables. Repayment is required if borrowings exceed stated limits. We may voluntarily prepay outstanding borrowings at any time without premium or penalty, other than customary breakage costs.

F-68 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

We incurred fees of $1.6 million associated with the ABL Facility, which are capitalized and amortized over the term. As of July 31, 2025 , the Company had a total outstanding balance of $34.5 million on the ABL Facility. The ABL Facility contains certain affirmative or negative covenants including, among other things, restrictions on repurchases of stock, dividends and other distributions. As of July 31, 2025 , we were in compliance with all covenants. During the six months ended July 31, 2025 , we recognized $1.4 million , of interest expense, comprised of $1.2 million of interest paid and payable, and $0.2 million for the amortization of debt issuance costs. Contractual principal payments Future payments of principal associated with the Vista Facility and other notes payable are as follows (in thousands):

| Fiscal Year                                                                                                                                              |     |   Amount |
| Remainder of 2026...........................................................................................................................             |     |   $1,425 |
| 2027.................................................................................................................................................... |     |      332 |
| 2028.................................................................................................................................................... |     |       66 |
| 2029.................................................................................................................................................... |     |        — |
| 2030.................................................................................................................................................... |     |  130,000 |
| Thereafter...........................................................................................................................................