Phreesia, Inc. 8-K

What Happened
Phreesia, Inc. announced on March 16, 2026 (Credit Agreement dated March 13, 2026) that it entered into a senior secured revolving credit facility of up to $275.0 million with Capital One as agent. Approximately $92.2 million was borrowed on the closing date. The company used the new facility, in whole or in part, to repay and terminate its existing Goldman Sachs bridge loan (dated Nov. 12, 2025) and its prior Capital One asset-based lending (ABL) facility (dated Dec. 4, 2023). A press release announcing the transaction was furnished with the 8-K.

Key Details

• Total facility: $275,000,000 revolving credit facility; $92.2M drawn at closing.
• Sublimits: $20,000,000 swingline sublimit and $10,000,000 letter of credit sublimit.
• Interest: initially Term SOFR + 2.50% or Base Rate + 1.50%; thereafter margins vary with leverage (Term SOFR + 2.50%–3.25% or Base Rate + 1.50%–2.25%). Swingline loans are Base Rate loans. No prepayment penalty.
• Fees & covenants: unused line fee commitment percentage 0.25%–0.40% (based on leverage); financial covenants include Total Net Leverage Ratio and Fixed Charge Coverage Ratio.
• Security: obligations guaranteed by certain U.S. subsidiaries and secured by a first-priority lien on substantially all tangible and intangible assets (with customary exceptions).

Why It Matters
This refinancing provides Phreesia with a larger committed liquidity backstop ($275M) and immediate borrowing availability (≈$92.2M drawn) while retiring its prior bridge and ABL arrangements, simplifying the company’s debt structure. The facility is secured and contains customary covenants and leverage-based pricing, which investors should watch because future borrowing costs and covenant compliance may be affected by changes in the company’s leverage and operating results.