Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 381

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 381
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 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% of the committed amount, and any unused portion of the Warehouse Credit Facility will bear interest at 0.5% per annum. Borrowings under the Warehouse Credit Facility are secured by the corporate card receivables. The Warehouse Credit Facility has been amended multiple times over the term to change the borrowing capacity and maturity date. In April 2025 , we executed an amendment to extend the term of the Warehouse Credit Facility through February 18, 2028 . As of July 31, 2025 , the borrowing capacity under the Warehouse Credit Facility is $250.0 million . The Warehouse Credit Facility contains mandatory and optional redemption features upon an event of default and other potential additional interest provisions that are bifurcated and treated as embedded derivative liabilities under the accounting guidance ASC 815, Derivatives and Hedging . At inception of the Warehouse Credit Facility, and as of July 31, 2025 , the fair value of the embedded derivative liabilities was determined to be immaterial. We incurred upfront commitment fees of $2.0 million for the Warehouse Credit Facility when the agreement was executed, an incremental $1.4 million upon the execution of various amendments in the year ended January 31, 2025 , and an incremental $2.8 million upon the extension of the Warehouse Credit Facility during the six months ended July 31, 2025 . These upfront commitment fees were recorded as a deferred cost asset on the balance sheet and are amortized on a straight-line basis as incremental interest expense. During the six months ended July 31, 2025 and 2024 , we drew down an aggregate of $15.0 million and $37.8 million , respectively. During the six months ended July 31, 2025 and 2024 , we repaid $81.1 million and $0.0 million of the Warehouse Credit Facility, respectively. The amounts outstanding under the Warehouse Credit Facility are payable in February 2028 . During the six months ended July 31, 2025 and 2024, we recognized $8.8 million and $11.4 million , respectively, of interest expense, comprised of $8.1 million and $10.7 million , respectively, of interest paid and payable, and $0.7 million and $0.7 million , respectively, interest for the amort