Company: BWMN
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050314
Chunk: 29

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 and Pledge Agreement dated May 2, 2024 with Bank of America, N.A., in its capacity as Administrative Agent. Under the Revolving Credit Facility, the Company is required to comply with certain covenants, including covenants on indebtedness, investments, liens and restricted payments, as well as maintain certain financial covenants, including a fixed charge coverage ratio and leverage ratio of debt to EBITDA (as defined in the Revolving Credit Facility). The Company recorded $0.3 million of deferred financing costs which will be amortized over the term outlined in the Revolving Credit Facility.On September 30, 2025, the interest rates on the Revolving Credit Facility ranged from 6.50% to 8.45%. All outstanding principal on the Revolving Credit Facility is due on May 2, 2029. As of September 30, 2025 and December 31, 2024, the outstanding balance on the Revolving Credit Facility was $57.0 million and $37.0 million, respectively.The Company secures its obligations under the Revolving Credit Facility with substantially all assets of the Company. Obligations of the Company to certain other shareholders of the Company are subordinated to the Company’s obligations under the Revolving Credit Facility. The Company must maintain, on a combined basis, certain financial covenants defined in the Revolving Credit Facility. The Company was in compliance with covenants as of September 30, 2025.Interest expense on the credit facilities totaled $1.0 million and $2.7 million during the three and nine months ended September 30, 2025, respectively. Interest expense on the credit facilities totaled $0.6 million and $2.1 million during the three and nine months ended September 30, 2024, respectively.

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12. Notes Payable

Notes payable consist of the following (in thousands): September 30, 2025December 31, 2024Related parties:1Shareholders and Owners of Acquired Entities - Interest accrues at rates ranging from 3.25% - 11.00% annually. The notes payable mature on various dates through July 2028.17,682 25,498 Convertible Notes Payable - Interest accrues at rates ranging from 4.75% - 7.00% annually. The convertible notes payable mature on various dates through November 2028.5,400