Sterling Infrastructure Inc said on Thursday that it had requested and received an amendment to its 2019 credit agreement, which will extend the maturity of the credit facility by 18 months to April 2026.
The size, economics and covenants of the amended credit agreement remained substantially without change.
The $425 million credit facility, under the amended credit agreement, includes a $350 million term loan and a $75 million revolving credit facility.
The credit agreement amendment was led by BMO Capital Markets Corp as Joint Lead Arranger and Joint Book Runner.
“We were pleased to receive the support and confidence of all of our existing lenders including lead BMO,” Joe Cutillo, Sterling’s Chief Executive Officer, said in a press release.
“This extension provides capital flexibility in the gradually improving credit markets, which we believe is a favorable position as we continue to grow the business both organically and through M&A opportunities,” the CEO added.
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