Navan, Inc.: enters $225,000,000 warehouse credit facility

What happened

• Navan, Inc. filed an 8-K reporting that on Oct 5, 2026 Navan Travel US SPV LLC, a bankruptcy-remote, wholly owned subsidiary of the Company, entered into a Revolving Credit and Security Agreement (the “2026 Credit Agreement”) providing a revolving warehouse credit facility with a commitment amount of up to $225,000,000 to finance purchases of the Company’s corporate charge card receivables. The receivables will serve as collateral and Navan Travel is required to repay borrowings from collections on the receivables. As of the date of the filing, no advances have been made.
• The filing also reports that on Oct 5, 2026 Liquid Labs SPV, LLC, a wholly owned subsidiary of the Company, entered into Amendment No. 14 and Consent to Revolving Credit and Security Agreement, Amendment No. 4 to Receivables Purchase Agreement and Amendment No. 3 to Servicing Agreement (the “Omnibus Amendment”) with Goldman Sachs Bank USA, as administrative agent, and the lenders party thereto, amending the 2022 credit and receivables agreements and providing consents related to Class A and Class B advances.

Key details

• Commitment amount: $225,000,000 revolving warehouse facility; initial revolving period: 24 months from closing; amortization period: 3 months following the revolving period.
• Security: Navan Travel granted the lenders a first-priority perfected security interest in the receivables; assets of Navan Travel will not be available to satisfy obligations of Navan, Inc.
• Pricing: interest equals applicable commercial paper cost or one-month adjusted Term SOFR (floor 0.25%) plus a Class A margin of 1.40%; rates increase by 1.00% after the revolving period and by an additional 2.00% upon an early amortization event; on an event of default interest equals the Base Rate (highest of federal funds plus 0.50%, Prime, or SOFR plus 1.00%) plus 6.50%.
• Omnibus Amendment: Administrative agent and Class A lenders consented to Liquid Labs’ prepayment of all outstanding Class B advances and reduction of the Class B committed amount in whole without pro rata prepayment or termination of Class A advances; the amendment also changed provisions of the 2022 Credit Agreement, Receivables Purchase Agreement and Servicing Agreement.

Why it may matter

• Item reported: Item 1.01 (entry into a material definitive agreement) and Item 2.03 (creation of a direct financial obligation). Item 1.01 covers the new 2026 Credit Agreement (the warehouse facility) and the Omnibus Amendment to prior receivables agreements; Item 2.03 covers the creation of the related financial obligation under the warehouse facility.
• The filing states that copies of the 2026 Credit Agreement and the Omnibus Amendment will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended Oct 31, 2026.
• This filing does not show why the company acted.