Tenable Holdings, Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
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Mar 31, 2026 · Filed May 5, 2026
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7. Debt
- Debt
Credit Agreement
In July 2021, we entered into a credit agreement ("Credit Agreement") which is comprised of:
a $375.0 million senior secured term loan facility ("Term Loan"); and
a $50.0 million senior secured revolving credit facility ("Revolving Credit Facility").
The table below summarizes the carrying value of the Term Loan:
| (in thousands) | March 31, 2026 |
|---|---|
| Term loan | $359,062 |
| Less: Unamortized debt discount and issuance costs | (2,991) |
| Term loan, net of issuance costs | 356,071 |
| Less: Term loan, net, current | (2,479) |
| Term loan, net of issuance costs (net of current portion) | $353,592 |
Our Term Loan is recorded at its carrying value. At March 31, 2026, the fair value of our Term Loan was approximately $357.3 million. In the fair value hierarchy, our Term Loan is classified as Level 2 as it is traded in less active markets.
The maturities of our Term Loan at March 31, 2026 were as follows:
| (in thousands) | |
|---|---|
| Year ending December 31, | |
| 2026 | $2,812 |
| 2027 | 3,750 |
| 2028 | 352,500 |
| Total | $359,062 |
We may be subject to mandatory Term Loan prepayments related to the excess cash flow provisions. These prepayments would only be required if our first lien net leverage ratio (as defined in our Credit Agreement) exceeds 3.5 at the end of each year. At March 31, 2026, our first lien net leverage ratio was 0.81.
At March 31, 2026, we had $0.2 million of standby letters of credit outstanding under our Revolving Credit Facility related to one of our operating leases. At March 31, 2026, we were in compliance with the covenants under the Credit Agreement.
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