The amended credit agreement, finalized by subsidiary Cardinal Civil Contracting, also expands the company's revolving credit facility from $75 million to $100 million. This liquidity boost is specifically earmarked for financing permitted acquisitions and associated expenses, with the company retaining the ability to draw the new term loan in five separate advances through March 2028. All components of the expanded facility, including the existing $200 million Term Loan A, carry a maturity date of September 10, 2031.
Cardinal Infrastructure Secures $250 Million for Expansion Strategy
Raleigh-based Cardinal Infrastructure Group has finalized a $250 million delayed draw term loan, pushing its total credit facility commitments to $550 million. The move provides the firm with fresh capital to fuel an aggressive acquisition strategy across the Southeastern United States over the next 18 months.
CEO Jeremy Spivey noted that the financing supports the company's goal of expanding its geographic reach and capabilities through disciplined growth. CFO Mike Rowe added that the capital structure allows the firm to pursue selective acquisitions while maintaining balance sheet stability. Cardinal, which operates as a full-service provider in the Southeast, intends to leverage these funds to support its self-performing project model and specialized equipment fleets.
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