Sterling Infrastructure, a Delaware corporation that operates through a variety of subsidiaries within three segments specializing in e-infrastructure, transportation and building solutions, received an amendment to its 2019 credit agreement that extends the maturity of the credit facility by 18 months to April 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 Sept. 30, $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 as joint lead arranger and joint book runner, with BMO serving as administrative agent.

“We were pleased to receive the support and confidence of all of our existing lenders, including lead BMO,” Joe Cutillo, CEO of Sterling Infrastructure, said. “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.”