RALEIGH – Cardinal Infrastructure Group said a subsidiary has established a delayed-draw term-loan facility of up to $250 million and increased its revolving commitments to $100 million.
The Raleigh-based company disclosed the changes in a Form 8-K filed Sept. 11. Cardinal Civil Contracting LLC, other guarantors, the participating lenders and Truist Bank entered the second amendment to the credit agreement effective Sept. 10. Cardinal Infrastructure Group is not a party to the amended credit agreement.
The delayed-draw facility can be advanced in as many as five separate draws during the 18 months following the amendment’s effective date. The agreement says the availability period ends no later than March 10, 2028, unless the five draws are completed, the full commitment is advanced or the commitment is terminated earlier.
The amendment also raised aggregate revolving commitments from $75 million to $100 million, a $25 million increase. The filing establishes borrowing capacity and does not say the full delayed-draw or revolving amounts have been borrowed.
Cardinal Infrastructure Group trades on Nasdaq under the ticker CDNL and lists its principal executive offices in Raleigh. The company provides civil infrastructure and site-development services across the Southeast, including preconstruction, grading, utility installation and paving.