On December 27, 2023, Sterling Infrastructure, Inc. (the “Company”), as borrower, and certain of its subsidiaries, as guarantors (the “Subsidiary Guarantors”), entered into a Fifth Amendment to Credit Agreement (the “Amendment”), dated as of December 27, 2023, with the financial institutions party thereto as lenders (the “Lenders”) and BMO Bank N.A., as administrative agent for the Lenders (the “Agent”), which amends that certain Credit Agreement, dated as of October 2, 2019, as previously amended by that certain First Amendment to Credit Agreement, dated as of December 2, 2019, that certain Second Amendment to Credit Agreement, dated as of June 28, 2021, that certain Third Amendment to Credit Agreement, dated as of December 29, 2021, and that certain Fourth Amendment to Credit Agreement, dated as of June 5, 2023, by and among the Company, the Subsidiary Guarantors, the Lenders party thereto and the Agent (the “Credit Agreement”). The Amendment amends the Credit Agreement in order to, among other things: (i) provide for the extension of new senior secured first lien term loans by the Lenders to the Borrower in the aggregate principal amount of $350,000,000 (the “Term Loans”), which shall be used to, among other things, refinance and prepay in full the $347,437,500 aggregate principal amount of term loans outstanding prior to the Amendment, (ii) extend the maturity date to April 2, 2026 for each of the Term Loans and the existing senior secured first lien revolving credit facility in an aggregate principal amount of up to $75,000,000 (with a $75,000,000 sublimit for the issuance of letters of credit and a $15,000,000 sublimit for swing line loans) (the “Revolving Credit Facility” and together with the Term Loans, the “Credit Facilities”), and (iii) adjust the quarterly payment schedule of the Term Loans as provided in the Credit Agreement to account for the extension of the maturity date. The obligations under the Credit Facilities are secured by substantially all assets of the Company and the Subsidiary Guarantors, subject to certain liens and interests of other parties permitted by the Credit Agreement. Other than as described herein, the material terms of the Credit Agreement remain unchanged, including the availability under the Credit Facilities, interest rate, and affirmative and negative covenants as described in our quarterly report on Form 10-Q for the quarter ended September 30, 2023. Following the Amendment, the Company had $350,000,000 outstanding aggregate principal amount of Term Loans and no amounts outstanding under its Revolving Credit Facility. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to such document, which is filed as Exhibit 10.1 hereto and incorporated herein by reference. |
