Navan establishes $225 million warehouse credit facility

Navan, Inc. (NAVN) has entered into a new revolving warehouse credit facility with a commitment amount of up to $225,000,000. The agreement, dated October 5, 2026, was executed by Navan Travel US SPV LLC, a bankruptcy-remote, wholly owned subsidiary of the company, with Barclays Bank PLC serving as the administrative agent. The facility is designed to finance the subsidiary's purchases of Navan's corporate charge card receivables, which will serve as collateral for the loans.

Under the terms of the 2026 Credit Agreement, the revolving period is set for 24 months from the closing date, followed by a three-month amortization period. Advances are subject to a borrowing base tied to the value and eligibility of the receivables. As of the filing date, no advances had been made under the facility. The interest rate structure varies by lender type; for lenders not in a commercial paper conduit, the rate is based on the one-month adjusted Term SOFR with a floor of 0.25%, plus a Class A margin of 1.40% of the principal balance.

The agreement includes specific provisions for rate adjustments. After the termination of the revolving period, interest rates will increase by an additional 1.00%. In the event of an early amortization event that is not a default, rates will increase by a further 2.00%. Upon an event of default, the interest rate becomes the highest of the federal funds rate plus 0.50%, the prime rate quoted by The Wall Street Journal, or the SOFR rate plus 1.00%, with an additional 6.50% spread applied.

On the same day, Navan’s subsidiary Liquid Labs SPV, LLC entered into an Omnibus Amendment with Goldman Sachs Bank USA and other lenders. This amendment modifies agreements originally dated November 18, 2022. Under the amendment, Liquid Labs prepaid all outstanding Class B advances, including accrued interest and fees and a prepayment premium. The Class B committed amount was reduced in its entirety without requiring a pro rata prepayment of Class A advances or termination of their committed amount.

Navan Travel’s assets are not available to satisfy obligations of the parent company, and the subsidiary is required to repay borrowings from collections on the receivables. Navan Travel granted the lenders a first-priority perfected security interest in these receivables. The full text of both the 2026 Credit Agreement and the Omnibus Amendment will be filed as exhibits to Navan’s Quarterly Report on Form 10-Q for the fiscal quarter ending October 31, 2026.