Phreesia Gets $275M Revolving Credit Facility

Phreesia, Inc. entered into a new senior secured revolving credit facility of up to $275 million with Capital One. At closing on March 13, 2026, Phreesia borrowed approximately $92.2 million.

In connection with the new revolver, Phreesia fully repaid and terminated its $110 million bridge loan with Goldman Sachs and its $50 million asset-based revolver with Capital One. The new facility includes swingline and letter-of-credit sublimits, is secured by first-priority liens on substantially all of Phreesia’s U.S. assets, and is guaranteed by certain domestic subsidiaries.

The credit agreement includes customary financial covenants, including total net leverage and fixed charge coverage ratios.