Company: ONEW
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0001772921-25-000013
Chunk: 27

Company: OneWater Marine Inc.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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31, 2024.Long-term debt consisted of the following at:($ in thousands except monthly payment amounts)December 31, 2024September 30, 2024Term note payable to Truist Bank, secured and bearing interest at 7.58% at December 31, 2024 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 7.89% at December 31, 2024 and 7.75% at September 30, 2024. The note requires full repayment on July 31, 202658,040 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 April 20292,254 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 outstanding435,763 430,306 Less current portion (net of debt issuance costs)(15,672)(7,874)Less unamortized portion of debt issuance costs(7,501)(7,498)Long-term debt, net of current portion and unamortized debt issuance costs$412,590 $414,934 As of December 31, 2024 and September 30, 2024, the Company had $1.6 million in letters of credit outstanding under the A&R Revolving Facility.

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10.    Derivative and Hedging Instruments

The Company is subject to interest rate risk as a result of the Inventory Financing Facility and A&R Credit Facility required interest payments. 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 December 31, 2024:In