Southland Executes Financing Agreement & Credit Amendment with Surety Partners
Southland Holdings secured a comprehensive restructuring with surety partners, involving the conversion of $150.86 million in non-bonding financing into senior non-voting preferred shares. The deal includes a second credit amendment that slashes the interest rate on the $96.4 million outstanding loan balance to 4% and suspends all amortization and maintenance covenants.
Key figures
- Interest Rate
- 4.00%
- Prior Interest Rate
- 7.25% per annum plus the higher of (i) 90-day Term SOFR plus a 0.15% credit adjustment spread, or (ii) a 3.00% floor
- Non Bonding Financing
- $150.86 million
- Bonding Surety Financing
- $58.97 million
- Credit Agreement Balance
- $96.4 million
- Preferred Shares Conversion
- $150.86 million
- Forgiveness trigger payment
- $10.0 million
- Preferred share stated value
- $1,000
AI analysis
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