Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 165

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 165
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 for the amortization of debt issuance costs. During the six months ended July 31, 2025, we recognized $8.8 million of interest expense, comprised of $8.1 million of interest paid and payable and $0.7 million for the amortization of debt issuance costs. In April 2025, we executed an amendment to extend the term of the Warehouse Credit Facility through February 18, 2028. We incurred incremental upfront commitment fees of $2.8 million upon the execution of the April 2025 amendment. As of July 31, 2025, we remain in compliance with the covenants of the loan agreement. See the section titled “Description of Material Indebtedness—Warehouse Credit Facility” for further detail . We intend to amend the terms of the Warehouse Credit Facility prior to the end of fiscal 2026. We expect the amendment to, among other things, reduce the applicable margin component of the floating interest rate on one of the facilities and increase the amount of receivables eligible to be pledged as collateral. Additionally, we intend to enter into a new warehouse credit facility by the end of fiscal 2026. The Vista Facility In February 2025, we issued term loans under the Vista Facility to lenders in exchange for proceeds of $130.0 million, which mature on February 24, 2030. In connection with the term loans under the Vista Facility, we issued warrants covering 486,588 shares of Class A common stock. The principal amount accrues interest at a variable interest rate based on either the Alternate Base Rate, with a 2.00% Alternate Base Rate floor, or SOFR (based on a 3-month interest period), with a 1.00% SOFR floor, in each case, plus an applicable rate. The applicable rate is, at our option, (i) in the case of SOFR Loans, (A) if we have elected to cash pay the interest, 6.50% per annum in cash or (B) if we have elected to pay the interest partially in cash and partially PIK, 6.50% per annum (of which 5.00% shall be paid in cash and 1.50% PIK) and (ii) in the case of Alternate Base Rate Loans, (A) if we have elected to cash pay the interest, 5.50% per annum or (B) if we have elected to pay the interest partially in cash and partially PIK