|
The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
BMO Extends, Expands Credit Facility to $450MM for Sterling Infrastucture
|
Lenders/Participants
|
BMO Capital Markets [Joint Lead Arranger, Joint Bookrunner]
BMO Bank [Administrative Agent]
Bank of America [Syndication Agent]
Bank of America Securities [Joint Lead Arranger, Joint Bookrunner]
|
|
Structure
|
$300Mm Term Loan; $150MM Revolving Credit Facility
|
|
Amount
|
$450.000
Million
|
|
Borrower(s)
|
Sterling Infrastructure
|
|
Description
|
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 $300 million term loan and a $150 million revolving credit facility. As of June 5, 2025, $300 million in borrowings were outstanding under the term loan, the revolving credit facility was undrawn, and cash and cash equivalents totaled $785 million. The credit agreement amendment was led by BMO Capital Markets, as Joint Lead Arranger and Joint Book Runner, and BMO Bank as Administrative Agent. Bank of America serves as Syndication Agent, and BofA Securities as Joint Lead Arranger and Joint Book Runner. Additional features of the amended facility include: The ability to increase the credit facilities by an amount not to exceed the greater of (a) $400 million or (b) 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; Term Loans will be repaid quarterly beginning September 30, 2025, in accordance with the amortization schedule, with payments equal to 1.25% of the initial principal, or $3.75 million per quarter, and the remainder due at maturity. A reduction from the previous required quarterly payments of $6.56 million; and Covenants under the amended facility are less restrictive than those under the previous agreement.
|
|
Industry
|
Infrastructure
|
| Related Tags |
Bank of America, Bank of America Securities, BMO Bank, BMO Capital Markets
|
ABL Advisor
Deal Tables
2025
|
|
|
|