Company: ONEW
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001772921-25-000040
Chunk: 34

Company: OneWater Marine Inc.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 following at:($ in thousands except monthly payment amounts)June 30, 2025September 30, 2024Term note payable to Truist Bank, secured and bearing interest at 7.55% at June 30, 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 7.53% at June 30, 2025 and 7.75% at September 30, 2024. The note requires full repayment on July 31, 202647,229 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 May 20321,810 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 outstanding424,508 430,306 Less current portion (net of debt issuance costs)(37,970)(7,874)Less unamortized portion of debt issuance costs(5,041)(7,498)Long-term debt, net of current portion and unamortized debt issuance costs$381,497 $414,934 As of June 30, 2025 and September 30, 2024, the Company had $2.8 million and $1.6 million, respectively, in letters of credit outstanding under the A&R Revolving Facility.

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9.    Derivative and Hedging Instruments

The Company is subject to interest rate risk as a result of required interest payments of the Inventory Financing Facility and A&R Credit Facility. The Company has two interest rate swap agreements which are designed to provide a hedge against changes in variable rate cash flows regarding fluctuations in the SOFR and Term SOFR rates which are used in calculating interest payments. The following table provides information on the attributes of each swap as of June 30, 2025:Inception