Sterling Infrastructure, Inc. Announces Extension of Credit Facility
December 28, 2023 at 07:42 pm IST
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Sterling Infrastructure, Inc. announced that it requested and received an amendment to its 2019 credit agreement that extends the maturity of the credit facility by 18-months to April of 2026. The size, economics and covenants of the amended credit agreement are substantially unchanged. The $425 million credit facility under the amended credit agreement consists of a $350 million term loan and a $75 million revolving credit facility.
As of September 30, 2023, $347.4 million in borrowings were outstanding under the term loan, the revolving credit facility was undrawn and cash and cash equivalents totaled $409.4 million. The credit agreement amendment was led by BMO Capital Markets Corp., as Joint Lead Arranger and Joint Book Runner, and BMO Bank N.A., as Administrative Agent.
Sterling Infrastructure, Inc. operates through a variety of subsidiaries, specializing in E-Infrastructure, Transportation and Building Solutions in the United States. Its segments include E-Infrastructure Solutions, Transportation Solutions, and Building Solutions. The E-Infrastructure Solutions segment is a provider of large-scale specialty site infrastructure improvement contracting services in the Southeastern, Northeastern and Mid-Atlantic United States. It serves large, blue-chip end users in the e-commerce, data center, distribution center, warehousing, energy sectors and more. The Transportation Solutions segment is comprised of heavy highway, aviation, and rail, and relies heavily on federal and state infrastructure spending. The principal markets of this segment are Arizona, Colorado, Hawaii, Nevada, Texas, and Utah. The Building Solutions segment is comprised of its residential and commercial businesses. It focuses on concrete construction of multifamily foundations.