Cardinal Infrastructure Group Completes Syndication of Expanded Credit Facility

Cardinal can draw the new term loans in up to five advances through March 2028; none had been drawn at syndication.

Rhea-AI Summary

Cardinal Infrastructure Group (CDNL) completed syndication of an amended credit facility with $550 million in total commitments.

Its subsidiary, Cardinal Civil Contracting, entered the second amendment, adding a delayed-draw term loan of up to $250 million and increasing the revolving credit facility from $75 million to $100 million. The commitments also include the existing Term Loan A, originally $200 million. The delayed-draw facility was undrawn when syndication was completed. Cardinal intends to use its proceeds for permitted acquisitions and related expenses. The revolver and both term loans mature September 10, 2031.

Positive

• $250 million delayed-draw term loan commitment added
• $100 million revolving commitment, increased from $75 million

Negative

• None.

News Explained

The release adds that the new commitments are additive to the facility’s existing incremental capacity, so the stated $550 million in commitments is not the full capacity described; the release does not quantify the additional capacity.

Market Context

The September 11, 2026 8-K had already disclosed up to $250 million in delayed-draw capacity and a $...

Analysis

The September 11, 2026 8-K had already disclosed up to $250 million in delayed-draw capacity and a $100 million revolver; this notice added syndication completion, rather than new facility sizing.

Key Figures

Delayed draw term loan: Up to $250 million Revolving credit facility: $100 million, increased from $75 million Total credit facility commitments: $550 million +4 more

Delayed draw term loan

Up to $250 million

New facility; undrawn at syndication completion

Revolving credit facility

$100 million, increased from $75 million

Amended facility

Total credit facility commitments

$550 million

Includes the revolver, existing Term Loan A, and new delayed draw term loan

Delayed draw availability

Up to 5 advances over 18 months

Available through March 2028

Letter of credit sub-facility

$10 million

Part of the amended facility

Swingline sub-facility

$10 million

Available for working capital and general corporate purposes

Facility maturity

September 10, 2031

Applies to the revolver, Term Loan A, and delayed draw term loan

Key Terms

senior secured credit agreement, delayed draw term loan facility, letter of credit sub-facility, swingline sub-facility

4 terms

senior secured credit agreement financial

"entered into a second amendment to its senior secured credit agreement"

A senior secured credit agreement is a loan contract in which the borrower agrees to repay lenders first and backs the loan with specific assets as collateral, like a mortgage that gives a lender a claim on a house if payments stop. Investors care because this debt has priority over other obligations in a default, reducing lender risk and often constraining a company’s financial choices and cash flow, which can affect equity value and future financing.

delayed draw term loan facility financial

"adds a new delayed draw term loan facility of up to $250 million"

A delayed draw term loan facility is a committed loan that a borrower can tap in one or more installments at specified future times after meeting agreed conditions, rather than receiving the full amount upfront. For investors it matters because it provides a ready source of cash that can change a company’s financial strength, leverage and interest costs when drawn—similar to having a reserved credit line you can use later, which affects liquidity and the risk profile of the business.

letter of credit sub-facility financial

"It includes a $10 million letter of credit sub-facility"

A letter of credit sub-facility is a portion of a broader loan or credit agreement that lets a borrower obtain bank-issued letters of credit without drawing on cash loans. Think of it as a reserved slice of a company's credit line that a bank can use to guarantee payments to third parties; it matters to investors because letters of credit create contingent liabilities and can reduce the borrower’s remaining borrowing capacity and financial flexibility.

swingline sub-facility financial

"and a $10 million swingline sub-facility"

A swingline sub-facility is a short-term, fast-access loan built into a larger credit agreement that lets a borrower draw a small amount of cash quickly for immediate needs, like bridging payroll or meeting an unexpected bill. For investors, it matters because use of this emergency credit can signal temporary cash stress or provide reassurance that the company can meet short-term obligations without selling assets, affecting perceptions of liquidity and short-term default risk.

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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.

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.  

Important Information for Investors and Stockholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Cardinal Infrastructure Group, Inc.'s ("Cardinal") amended credit facility, the anticipated use of borrowings thereunder, and Cardinal's acquisition strategy. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "may," "could," "plan," "project," "budget," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These statements involve risks and uncertainties, and Cardinal's actual results could differ materially from the results expressed or implied by such forward-looking statements. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, Cardinal's ability to identify, complete and finance suitable acquisitions; the risk that any acquisition will not deliver its anticipated benefits to the extent or when expected; the risk that integrating acquired businesses will be materially delayed or will be more costly or difficult than expected; Cardinal's ability to satisfy the conditions to borrowing under, and comply with the covenants of, its credit agreement; the effect of increased indebtedness and changes in interest rates on Cardinal's financial condition; difficulty in sustaining rapid revenue growth, which may place significant demands on Cardinal's administrative, operational and financial resources; fluctuations in Cardinal's revenue; and the concentration of Cardinal's business in the Southeastern United States. Cardinal has based these forward-looking statements largely on its current expectations and projections regarding future events and trends that it believes may affect its business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled "Risk Factors" in Cardinal's Registration Statement on Form S-1 (333-292034) (the "Registration Statement"), and elsewhere in the Registration Statement. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Cardinal cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. Although forward-looking statements reflect the good faith beliefs of Cardinal's management at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Cardinal undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law. These cautionary statements qualify all forward-looking statements attributable to Cardinal or persons acting on its behalf.

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SOURCE Cardinal Infrastructure Group Inc.

FAQ

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How large is Cardinal Infrastructure Group's amended credit facility?

The amended facility has $550 million in total commitments. It comprises a $100 million revolver, the existing Term Loan A, originally $200 million, and a new delayed-draw term loan of up to $250 million.

When can Cardinal Infrastructure Group draw the new term loans?

Cardinal can draw the delayed-draw term loans in as many as five separate advances over 18 months through March 2028. The facility was undrawn when syndication was completed.

What can Cardinal Infrastructure Group use the expanded revolver for?

The $100 million revolver is available for working capital and general corporate purposes. It includes a $10 million letter-of-credit sub-facility and a $10 million swingline sub-facility.