Cardinal secures $250M term loan to fuel infrastructure push
What's the deal? Cardinal Infrastructure Group's construction subsidiary, Cardinal Civil ContractingDealroom has a profile for this one. Try Dealroom →, has secured a $250 million delayed draw term loan facility, boosting the Nasdaq-listed company's liquidity. Truist BankDealroom has a profile for this one. Try Dealroom → leads the lender syndicate as administrative agent. The financing came through a Second Amendment to Cardinal's credit agreement, effective September 10, 2026.
The details: The $250 million facility is available in up to five separate advances over 18 months. The amendment also raised Cardinal's revolving commitments from $75 million to $100 million.
Who's in: Alongside TruistDealroom has a profile for this one. Try Dealroom →, the syndicate includes First Horizon BankDealroom has a profile for this one. Try Dealroom →, KeyBank National AssociationDealroom has a profile for this one. Try Dealroom →, Regions Bank, The Huntington National BankDealroom has a profile for this one. Try Dealroom →, Pinnacle BankDealroom has a profile for this one. Try Dealroom →, SouthState BankDealroom has a profile for this one. Try Dealroom →, Atlantic Union BankDealroom has a profile for this one. Try Dealroom →, Optum Bank, BankUnitedDealroom has a profile for this one. Try Dealroom →, and Stifel Bank & Trust.
What's the endgame? The delayed draw structure gives Cardinal dry powder for potential acquisitions, project investments, or operational needs. Its 18-month availability window suggests the company has identified strategic uses for the capital.
Why now? The new facility sits outside Cardinal's existing incremental facility provisions. That means it does not reduce the company's ability to add further debt capacity through the incremental mechanism later.
The fine print: The amendment requires Cardinal to maintain a Consolidated Total Net Leverage Ratio no greater than 1.60 to 1.0 and Consolidated EBITDA of at least $125 million, both measured for the twelve months ended June 30, 2026.
The signal: Post-IPO debt gives listed companies room to grow without diluting shareholders. Cardinal's broad bank syndicate and staggered draw schedule point to a firm building capacity for deals and projects on its own timeline.
Read more: minichart.com.sg
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