Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 356

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 356
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 period. The net carrying amount of the convertible notes was as follows (in thousands):

|                                                                                                                               | As of January 31, |     |          |
|                                                                                                                               |              2025 |     |     2024 |
| Principal.................................................................................................................... |          $125,000 |     | $125,000 |
| Unamortized debt discount....................................................................................                 |            -7,456 |     |  -13,581 |
| Unamortized debt issuance costs........................................................................                       |              -498 |     |     -906 |
| PIK interest added to principal balance...............................................................                        |            65,348 |     |   44,174 |
| Net carrying amount..........................................................................................                 |          $182,394 |     | $154,687 |

Interest expense related to the convertible notes was as follows (in thousands):

|                                                                                                                             | Year Ended January 31, 
                   2025 |     |    2024 |
|:----------------------------------------------------------------------------------------------------------------------------|-----------------------:|:----|--------:|
| Amortization of debt discount................................................................................               |                 $6,124 |     |  $9,267 |
| Amortization of debt issuance costs....................................................................                     |                    409 |     |     618 |
| PIK interest............................................................................................................... |                 21,174 |     |  16,155 |
| Total non-cash interest expense.....................................................................                        |                $27,707 |     | $26,040 |

Warehouse Credit Facility In November 2022, Liquid Labs SPV, LLC (“Liquid Labs”), a wholly-owned subsidiary of the Company, entered into a loan agreement with a group of lenders for a revolving warehouse credit facility (“Warehouse Credit Facility”). Under the original terms of the agreement, the Warehouse Credit Facility had a maturity date of February 18, 2025, or earlier pursuant to the loan agreement, and had a total commitment amount of $200.0 million, consisting of a Class A facility and a Class B facility for $171.1 million and $28.9 million, respectively. The Warehouse Credit Facility was established to finance the Company’s expense management offering. Borrowings on the Warehouse Credit Facility bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the loan agreement. The Warehouse Credit Facility has a minimum utilization of 50.0% of the committed amount, and any unused portion of the Warehouse Credit Facility will bear interest at 0.50