Company: BWMN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-023232
Chunk: 94

Company: Bowman Consulting Group Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 of its subsidiaries as guarantors entered into a new credit agreement (the “Credit Agreement”) with lenders, Bank of America N.A., as Administrative Agent, the Swingline Lender and L/C Issuer, and TD Bank, N.A. as syndication agent for a new $100 million revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility replaced the Company’s previous $70 million revolving credit facility, and its non-revolving fixed line of credit ("Fixed Line #2") with Bank of America, N.A. In connection with the Revolving Credit Facility, the Company and certain of its subsidiaries entered into a Security 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 

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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 March 31, 2025, the interest rates on the Revolving Credit Facility ranged from 6.91% to 8.95%. All outstanding principal on the Revolving Credit Facility is due on May 2, 2029. As of March 31, 2025 and December 31, 2024, the outstanding balance on the Revolving Credit Facility was $45.0 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 March 31, 2025.Interest expense on the credit facilities totaled $0.8 million and $1.1 million during the three months ended March 31, 2025 and 2024, respectively.

12. Notes Payable

Notes payable consist of the following (in thousands): March 31, 2025December 31