Phreesia refinanced its existing bridge loan by its entry into a new credit agreement providing for a senior secured revolving credit facility of up to $275 million in aggregate principal amount, with Capital One serving as agent for the lenders. The company borrowed approximately $92.2 million under the new credit facility at closing and used the proceeds to repay all outstanding indebtedness and obligations under the bridge loan, which was terminated without penalty. Remaining availability under the new credit facility may be used for working capital, capital expenditures, permitted acquisitions and other general corporate purposes.
The bridge loan, a 364-day $110 million secured term loan with Goldman Sachs Bank USA dated Nov. 12, 2025, was used to fund a portion of the consideration for the acquisition of AccessOne Parent and its subsidiaries. During the fiscal quarter ended Jan. 31, 2026, the company repaid $20 million of the outstanding principal balance of the bridge loan.
The new credit facility also replaces the company’s existing $50 million senior secured asset-based revolving credit facility with Capital One, which had no outstanding borrowings and was terminated without penalty in connection with the closing of the new credit facility.
“This refinancing is consistent with our stated plan to replace the bridge loan with a long-term revolving credit facility,” Chaim Indig, co-founder and CEO of Phreesia, said. “The new facility reduces our borrowing costs and enhances our longer-term financial flexibility.”
