Sterling Infrastructure extends credit agreement by 18 months

By Marisa Wong

Los Angeles, Dec. 28 – Sterling Infrastructure, Inc. requested and received an amendment to its 2019 credit agreement that extends the maturity of the credit facility by 18 months to April 2026, according to a press release.

The size, economics and covenants of the amended credit agreement are substantially unchanged, the company said.

The $425 million credit facility consists of a $350 million term loan and a $75 million revolving credit facility. As of Sept. 30, $347.4 million of 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 bookrunner and BMO Bank NA as administrative agent.

The Woodlands, Tex.-based Sterling Infrastructure operates through a variety of subsidiaries within three segments specializing in e-infrastructure, transportation and building solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and Hawaii.

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