Tenable and Navan each signed new credit facilities this week
The lending event that says most to an owner or lender planning a loan this week is Tenable Holdings, Inc. signing a $400.0 million senior secured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent. It matters because it shows a software company drawing a committed revolver from a large bank, and it sits alongside a second facility signed the same week by Navan, Inc., so an owner or lender planning a loan can read the two side by side.
On October 13, 2026, Tenable Holdings, Inc., as borrower, entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and letter of credit issuer, and the lenders party to the agreement sec.gov. The agreement provides for a senior secured revolving credit facility in an aggregate principal amount of $400.0 million, including a $40.0 million sublimit for the issuance of letters of credit.
On October 5, 2026, Navan Travel US SPV LLC, a bankruptcy-remote, wholly owned subsidiary of Navan, Inc., entered into a Revolving Credit and Security Agreement with the lenders party to the agreement, the group agents party to the agreement, and Barclays Bank PLC, as administrative agent sec.gov. The lenders agreed to provide Navan Travel, as borrower, with a revolving warehouse credit facility in a commitment amount of up to $225,000,000.
Number of the week. Commercial and industrial loans at all U.S. commercial banks stood at $2,970.9 billion in the week ending 30 September 2026, according to the Federal Reserve Board (H.8 release). That is up $17.9 billion from the week ending 23 September 2026 and up $273.5 billion from the week ending 1 October 2025.
The number of the week puts the two facilities in context. Commercial and industrial loans at all U.S. commercial banks rose $17.9 billion in the week ending 30 September 2026, and the two facilities signed this week show the kinds of borrowers behind that growth: a cybersecurity software company and a travel and expense software company, each drawing a committed facility from a large bank.
What these loans show is who lenders are funding as software takes on more of the work in services. Tenable sells cybersecurity software, and Navan sells travel and expense software, and both borrowed through committed facilities arranged by large banks, JPMorgan Chase Bank and Barclays Bank. The structure matters as much as the names: Tenable took a senior secured revolving credit facility, and Navan borrowed through a bankruptcy-remote subsidiary with a revolving warehouse credit facility, which shows lenders funding software firms on the strength of their software businesses rather than physical assets.
What to watch next is whether either borrower draws on its new facility and reports the use. Both facilities are commitments, Tenable's at $400.0 million and Navan's at up to $225,000,000, so later filings that show a draw are the next checkable steps.