Company: TENB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001660280-25-000072
Chunk: 66

Company: Tenable Holdings, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 receive in 2025, 2026, 2027, 2028, 2029 and thereafter, respectively.

8. Debt 

Credit AgreementIn July 2021, we entered into a credit agreement ("Credit Agreement") which is comprised of:•a $375.0 million senior secured term loan facility ("Term Loan"); and •a $50.0 million senior secured revolving credit facility ("Revolving Credit Facility").

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The table below summarizes the carrying value of the Term Loan:(in thousands)March 31, 2025Term loan$362,812 Less: Unamortized debt discount and issuance costs(4,183)Term loan, net of issuance costs358,629 Less: Term loan, net, current (1)(2,561)Term loan, net of issuance costs (net of current portion)$356,068 _______________(1)    Term loan, net current is included in other current liabilities on our consolidated balance sheets.The Term Loan bears interest at a rate of 2.75% per annum over the Secured Overnight Financing Rate ("SOFR"), subject to a 0.50% floor, plus a credit spread adjustment depending on the interest period. The Term Loan is being amortized at 1% per annum in equal quarterly installments until the final payment of $350.6 million on the July 7, 2028 maturity date. Our Term Loan is recorded at its carrying value. At March 31, 2025, the fair value of our Term Loan was approximately $361.9 million. In the fair value hierarchy, our Term Loan is classified as Level 2 as it is traded in less active markets.The maturities of the Term Loan at March 31, 2025 were as follows:(in thousands)Year ending December 31,2025(1)$2,812 20263,750 20273,750 2028352,500 Total$362,812 _______________(1)    Represents the nine months ending December 31, 2025.We may be subject to mandatory Term Loan prepayments related to the excess cash flow provisions. These prepayments would only be required if our first lien net leverage ratio (as defined in our Credit Agreement) exceeds 3.5 at the end of each year. At March 31, 2025, our first lien net leverage ratio was 0.86.At March 31, 2025, we had