Sterling announces extension and expansion of credit facility

June 09, 2025 06:06 AM PDT | By EODHD

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Sterling announces extension and expansion of credit facility — Image source: Kalkine Media

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* Sterling Infrastructure (NASDAQ:STRL [https://seekingalpha.com/symbol/STRL]) has received an amendment to its 2019 credit agreement that extends the maturity of the credit facility to June 2028, expands the size of the facility, and improves flexibility. * The amended credit facility consists of a $300M term loan and a $150M revolving credit facility. As of June 5, 2025, $300M in borrowings were outstanding under the term loan, the revolving credit facility was undrawn, and cash and cash equivalents totaled $785M. * Additional features of the amended facility include the ability to increase the credit facilities by an amount not to exceed the greater of $400M or 100% of the company's EBITDA, plus an unlimited amount up to 2.0X total net leverage. * Loans under the credit facilities bear interest at either a base rate or SOFR plus an applicable margin based on the total net leverage ratio.

The applicable margin rates under the amended facility were reduced by 25 basis points. * STRL +1.2185057527064420602941890383028302% premarket to $208.5 * Source: Press Release [https://seekingalpha.com/pr/20130080-sterling-announces-extension-and-expansion-of-credit-facility] MORE ON STERLING INFRASTRUCTURE * Sterling Infrastructure: The Positive Outlook Is Fully Priced In [https://seekingalpha.com/article/4790477-sterling-infrastructure-the-positive-outlook-is-fully-priced-in] * Sterling Infrastructure: Growth Prospects Mispriced - Overly Expensive Here [https://seekingalpha.com/article/4788879-sterling-infrastructure-growth-prospects-mispriced-overly-expensive-here] * Sterling Infrastructure raises full-year outlook on margin growth, backlog strength [https://seekingalpha.com/news/4441359-sterling-infrastructure-raises-full-year-outlook-on-margin-growth-backlog-strength]

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