Southland Announces Closing of $160 Million Senior Secured Credit Facility
03 Octobre 2024 - 1:00PM
Business Wire
Southland Holdings, Inc. (NYSE American: SLND and SLND WS)
(“Southland”), a leading provider of specialized infrastructure
construction services, today announced the closing of a new $160.0
million senior secured term loan facility with Callodine Commercial
Finance, LLC. The new facility consists of a $140.0 million initial
draw term loan and a $20.0 million committed delayed draw term
loan, which are due in 2028. The delayed draw is a committed
facility in which Southland may request all or a portion of the
delayed draw to be available to the company.
From the initial total term loan proceeds of $140.0 million,
approximately $96.0 million was used to refinance existing
indebtedness, $37.8 million will be available for general corporate
purposes, and the remaining will cover costs and expenses related
to the transaction. Borrowings from the new facility were used to
refinance Southland’s existing revolving credit facility balance in
full and certain equipment notes. Concurrently with the closing,
Southland terminated its previously existing revolving credit
facility.
Southland’s President & Chief Executive Officer, Frank
Renda, said, “This new credit facility significantly strengthens
Southland’s balance sheet, while offering ample financial
flexibility as we execute on our plan and continue to pursue the
great opportunities in our core markets.”
Texas Capital Securities served as exclusive financial advisor
to Southland on the transaction.
About Southland
Southland is a leading provider of specialized infrastructure
construction services. With roots dating back to 1900, Southland
and its subsidiaries form one of the largest infrastructure
construction companies in North America, with experience throughout
the world. The company serves the bridges, tunneling,
communications, transportation and facilities, marine, steel
structures, water and wastewater treatment, and water pipeline end
markets. Southland is headquartered in Grapevine, Texas. For more
information, please visit Southland’s website at
www.southlandholdings.com .
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on Southland’s current
beliefs, expectations and assumptions regarding the future of
Southland’s business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of Southland’s control. Southland’s actual
results and financial condition may differ materially from those
indicated in the forward-looking statements. Therefore, you should
not rely on any of these forward-looking statements. Any
forward-looking statement made by Southland in this press release
is based only on information currently available to Southland and
speaks only as of the date on which it is made. Southland
undertakes no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20241003588274/en/
Alex Murray Corporate Development & Investor Relations
amurray@southlandholdings.com
Southland (AMEX:SLND)
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