Construction Partners restates credit agreement, ups to $156.1 million

By Wendy Van Sickle

Columbus, Ohio, Aug. 3 – Construction Partners, Inc. amended and restated its credit agreement with BBVA USA as agent on Thursday to provide for a $96.1 million term loan and a $60 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The facility sizes reflect a $30 million increase for the term loan and a $20 million increase for the revolver.

The principal amount of term loan advances made prior to April 30 will be repaid in quarterly installments of $2.05 million and advances made on or after April 30 will be repaid in quarterly installments of $1.2 million, in each case beginning on Sept. 30 and at the end of each calendar quarter thereafter.

The borrowers will pay a quarterly unused revolving commitment fee of 20 basis points.

Borrowings will bear interest at Libor plus a margin ranging from 150 bps to 200 bps, based on the consolidated leverage ratio.

All outstanding advances are due and payable on Oct. 1, 2024.

Proceeds are available for working capital and general corporate purposes of the company and its subsidiaries, including the funding of acquisitions.

Construction Partners in an infrastructure and road construction company based in Dothan, Ala. It is a portfolio company of SunTx Capital Partners, a Dallas-based private equity firm.

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