Sterling Announces Extension of Credit Facility

Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that it requested and received an amendment to its 2019 credit agreement that extends the maturity of the credit facility by 18-months to April of 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 September 30, 2023, $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 Corp., as Joint Lead Arranger and Joint Book Runner, and BMO Bank N.A., as Administrative Agent.

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

About Sterling

Sterling Infrastructure, Inc., (“Sterling,” “the Company,” “we,” “our” or “us”), a Delaware corporation, 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. E-Infrastructure Solutions provides advanced, large-scale site development services for manufacturing, data centers, e-commerce distribution centers, warehousing, power generation and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions projects include residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, other concrete work, and residential plumbing services. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.

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