Expanded committed capacity enhances financial flexibility
RALEIGH, N.C., Sep 24, 2026 /PRNewswire/ -- Cardinal Infrastructure Group Inc. (Nasdaq: CDNL) ("Cardinal" or the "Company") today announced that its subsidiary, Cardinal Civil Contracting, LLC, has entered into a second amendment to its senior secured credit agreement. The amendment adds a new delayed draw term loan facility of up to $250 million and raises the revolving credit facility from $75 million to $100 million.
Cardinal Infrastructure Group
With the amendment, Cardinal's total credit facility commitments are $550 million, comprised of the $100 million revolver, the existing Term Loan A (originally $200 million) and the new $250 million delayed draw term loan.
Key terms of the amended facility include:
$250 million delayed draw term loan. The Company can draw in as many as five separate advances over 18 months through March 2028. The Company intends to use the proceeds to finance permitted acquisitions and related fees and expenses. The delayed draw term loan facility was undrawn at the completion of the syndication.
$100 million revolving credit facility, increased from $75 million. It includes a $10 million letter of credit sub-facility and a $10 million swingline sub-facility, which is available for working capital and general corporate purposes.
Maturity for the revolver, Term Loan A and delayed draw term loan is September 10, 2031.
The new commitments are additive to the facility's existing incremental capacity.
"This financing gives us the flexibility to expand our capabilities and geographic reach through disciplined acquisitions, while continuing to serve our customers by leveraging our differentiated in-house teams and equipment," said Jeremy Spivey, Chief Executive Officer of Cardinal.
"This amendment gives us the necessary capital to selectively pursue acquisitions while maintaining a disciplined approach to the balance sheet," said Mike Rowe, Chief Financial Officer of Cardinal. "We appreciate the continued support of our lending partners."
More details on the amendment are in the Company's Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on September 11, 2026.
About Cardinal
Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) is one of the Southeast's fastest-growing, full-service infrastructure service providers. The Company delivers integrated civil and site development solutions across high growth markets through a self-performing model supported by skilled labor, specialized fleets and market leading subsidiaries. This model enables efficient, turnkey project execution at scale while maintaining focus on building long-term client relationships. Cardinal's strategy is grounded in operational discipline, market expansion and a commitment to integrity from the ground up.