{"success":true,"data":{"pressRelease":{"id":"152666","rtpr_id":"nPn7bhy73a-20260924","ticker":"CDNL","exchange":"NASDAQ","all_tickers":["CDNL"],"title":"Cardinal Infrastructure Group Completes Syndication of Expanded Credit Facility","author":"PR Newswire","published_at":"2026-09-24T22:03:13.019Z","article_body":"Cardinal Infrastructure Group Completes Syndication of Expanded Credit Facility\nPR Newswire\n\nRALEIGH, N.C., Sep 24, 2026\n\nExpanded committed capacity enhances financial flexibility\n\nRALEIGH, N.C., Sep 24, 2026 /PRNewswire/ -- Cardinal Infrastructure Group Inc.\n(Nasdaq: CDNL) (\"Cardinal\" or the \"Company\") today announced that its\nsubsidiary, Cardinal Civil Contracting, LLC, has entered into a second\namendment to its senior secured credit agreement. The amendment adds a new\ndelayed draw term loan facility of up to $250 million and raises the revolving\ncredit facility from $75 million to $100 million.\n\nWith the amendment, Cardinal's total credit facility commitments are $550\nmillion, comprised of the $100 million revolver, the existing Term Loan A\n(originally $200 million) and the new $250 million delayed draw term loan.\n\nKey terms of the amended facility include:\n\n * $250 million delayed draw term loan. The Company can draw in as many as five\nseparate advances over 18 months through March 2028. The Company intends to\nuse the proceeds to finance permitted acquisitions and related fees and\nexpenses. The delayed draw term loan facility was undrawn at the completion of\nthe syndication.\n * $100 million revolving credit facility, increased from $75 million. It\nincludes a $10 million letter of credit sub-facility and a $10 million\nswingline sub-facility, which is available for working capital and general\ncorporate purposes.\n * Maturity for the revolver, Term Loan A and delayed draw term loan is\nSeptember 10, 2031.\n * The new commitments are additive to the facility's existing incremental\ncapacity.\n\"This financing gives us the flexibility to expand our capabilities and\ngeographic reach through disciplined acquisitions, while continuing to serve\nour customers by leveraging our differentiated in-house teams and equipment,\"\nsaid Jeremy Spivey, Chief Executive Officer of Cardinal.\n\n\"This amendment gives us the necessary capital to selectively pursue\nacquisitions while maintaining a disciplined approach to the balance sheet,\"\nsaid Mike Rowe, Chief Financial Officer of Cardinal. \"We appreciate the\ncontinued support of our lending partners.\"\n\nMore details on the amendment are in the Company's Current Report on Form 8-K\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782824-1&h=144778598&u=https%3A%2F%2Finvestors.cardinalinfrastructuregroup.com%2Fsec-filings%2Fsec-filing%2F8-k%2F0001193125-26-389363&a=Current+Report+on+Form+8-K)\n, filed with the U.S. Securities and Exchange Commission on September 11,\n2026.\n\nAbout Cardinal\n\nCardinal Infrastructure Group Inc. (NASDAQ: CDNL) is one of the Southeast's\nfastest-growing, full-service infrastructure service providers. The Company\ndelivers integrated civil and site development solutions across high growth\nmarkets through a self-performing model supported by skilled labor,\nspecialized fleets and market leading subsidiaries. This model enables\nefficient, turnkey project execution at scale while maintaining focus on\nbuilding long-term client relationships. Cardinal's strategy is grounded in\noperational discipline, market expansion and a commitment to integrity from\nthe ground up.\n\nImportant Information for Investors and Stockholders\n\nCautionary Statement Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995 concerning, among other\nthings, Cardinal Infrastructure Group, Inc.'s (\"Cardinal\") amended credit\nfacility, the anticipated use of borrowings thereunder, and Cardinal's\nacquisition strategy. Statements that are predictive in nature, that depend\nupon or refer to future events or conditions or that include the words \"may,\"\n\"could,\" \"plan,\" \"project,\" \"budget,\" \"predict,\" \"pursue,\" \"target,\" \"seek,\"\n\"objective,\" \"believe,\" \"expect,\" \"anticipate,\" \"intend,\" \"estimate,\" and\nother expressions that are predictions of or indicate future events and trends\nand that do not relate to historical matters identify forward-looking\nstatements. These statements involve risks and uncertainties, and Cardinal's\nactual results could differ materially from the results expressed or implied\nby such forward-looking statements. The potential risks, uncertainties and\nother factors that could cause actual results to differ from those expressed\nby the forward-looking statements in this press release include, but are not\nlimited to, Cardinal's ability to identify, complete and finance suitable\nacquisitions; the risk that any acquisition will not deliver its anticipated\nbenefits to the extent or when expected; the risk that integrating acquired\nbusinesses will be materially delayed or will be more costly or difficult than\nexpected; Cardinal's ability to satisfy the conditions to borrowing under, and\ncomply with the covenants of, its credit agreement; the effect of increased\nindebtedness and changes in interest rates on Cardinal's financial condition;\ndifficulty in sustaining rapid revenue growth, which may place significant\ndemands on Cardinal's administrative, operational and financial resources;\nfluctuations in Cardinal's revenue; and the concentration of Cardinal's\nbusiness in the Southeastern United States. Cardinal has based these\nforward-looking statements largely on its current expectations and projections\nregarding future events and trends that it believes may affect its business,\nfinancial condition and results of operations. The outcome of the events\ndescribed in these forward-looking statements is subject to risks,\nuncertainties and other factors described in the section entitled \"Risk\nFactors\" in Cardinal's Registration Statement on Form S-1 (333-292034) (the\n\"Registration Statement\"), and elsewhere in the Registration Statement.\nAccordingly, you should not rely upon forward-looking statements as\npredictions of future events. Cardinal cannot assure you that the results,\nevents and circumstances reflected in the forward-looking statements will be\nachieved or occur, and actual results, events or circumstances could differ\nmaterially from those projected in the forward-looking statements. Although\nforward-looking statements reflect the good faith beliefs of Cardinal's\nmanagement at the time they are made, forward-looking statements involve known\nand unknown risks, uncertainties and other factors which may cause actual\nresults, performance or achievements to differ materially from anticipated\nfuture results, performance or achievements expressed or implied by such\nforward-looking statements. Cardinal undertakes no obligation to publicly\nupdate or revise any forward-looking statement, whether as a result of new\ninformation, future events, changed circumstances or otherwise, unless\nrequired by law. These cautionary statements qualify all forward-looking\nstatements attributable to Cardinal or persons acting on its behalf.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/cardinal-infrastructure-group-completes-syndication-of-expanded-credit-facility-302889830.html\n(https://www.prnewswire.com/news-releases/cardinal-infrastructure-group-completes-syndication-of-expanded-credit-facility-302889830.html)\n\nSOURCE Cardinal Infrastructure Group Inc.\n\n\n\nCompany Contact: Cardinal Infrastructure Group Inc., Mike Rowe, CFO, 919-268-6386\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1768408/Cardinal-Infrastructure-Group-v1-Logo.jpg?id=OA2970734\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn7bhy73a-20260924","title":"Cardinal Infrastructure Group Completes Syndication of Expanded Credit Facility","author":"PR Newswire","ticker":"CDNL","created":"2026-09-24T22:03:13.019Z","tickers":["CDNL"],"exchange":"NASDAQ","article_body":"Cardinal Infrastructure Group Completes Syndication of Expanded Credit Facility\nPR Newswire\n\nRALEIGH, N.C., Sep 24, 2026\n\nExpanded committed capacity enhances financial flexibility\n\nRALEIGH, N.C., Sep 24, 2026 /PRNewswire/ -- Cardinal Infrastructure Group Inc.\n(Nasdaq: CDNL) (\"Cardinal\" or the \"Company\") today announced that its\nsubsidiary, Cardinal Civil Contracting, LLC, has entered into a second\namendment to its senior secured credit agreement. The amendment adds a new\ndelayed draw term loan facility of up to $250 million and raises the revolving\ncredit facility from $75 million to $100 million.\n\nWith the amendment, Cardinal's total credit facility commitments are $550\nmillion, comprised of the $100 million revolver, the existing Term Loan A\n(originally $200 million) and the new $250 million delayed draw term loan.\n\nKey terms of the amended facility include:\n\n * $250 million delayed draw term loan. The Company can draw in as many as five\nseparate advances over 18 months through March 2028. The Company intends to\nuse the proceeds to finance permitted acquisitions and related fees and\nexpenses. The delayed draw term loan facility was undrawn at the completion of\nthe syndication.\n * $100 million revolving credit facility, increased from $75 million. It\nincludes a $10 million letter of credit sub-facility and a $10 million\nswingline sub-facility, which is available for working capital and general\ncorporate purposes.\n * Maturity for the revolver, Term Loan A and delayed draw term loan is\nSeptember 10, 2031.\n * The new commitments are additive to the facility's existing incremental\ncapacity.\n\"This financing gives us the flexibility to expand our capabilities and\ngeographic reach through disciplined acquisitions, while continuing to serve\nour customers by leveraging our differentiated in-house teams and equipment,\"\nsaid Jeremy Spivey, Chief Executive Officer of Cardinal.\n\n\"This amendment gives us the necessary capital to selectively pursue\nacquisitions while maintaining a disciplined approach to the balance sheet,\"\nsaid Mike Rowe, Chief Financial Officer of Cardinal. \"We appreciate the\ncontinued support of our lending partners.\"\n\nMore details on the amendment are in the Company's Current Report on Form 8-K\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4782824-1&h=144778598&u=https%3A%2F%2Finvestors.cardinalinfrastructuregroup.com%2Fsec-filings%2Fsec-filing%2F8-k%2F0001193125-26-389363&a=Current+Report+on+Form+8-K)\n, filed with the U.S. Securities and Exchange Commission on September 11,\n2026.\n\nAbout Cardinal\n\nCardinal Infrastructure Group Inc. (NASDAQ: CDNL) is one of the Southeast's\nfastest-growing, full-service infrastructure service providers. The Company\ndelivers integrated civil and site development solutions across high growth\nmarkets through a self-performing model supported by skilled labor,\nspecialized fleets and market leading subsidiaries. This model enables\nefficient, turnkey project execution at scale while maintaining focus on\nbuilding long-term client relationships. Cardinal's strategy is grounded in\noperational discipline, market expansion and a commitment to integrity from\nthe ground up.\n\nImportant Information for Investors and Stockholders\n\nCautionary Statement Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995 concerning, among other\nthings, Cardinal Infrastructure Group, Inc.'s (\"Cardinal\") amended credit\nfacility, the anticipated use of borrowings thereunder, and Cardinal's\nacquisition strategy. Statements that are predictive in nature, that depend\nupon or refer to future events or conditions or that include the words \"may,\"\n\"could,\" \"plan,\" \"project,\" \"budget,\" \"predict,\" \"pursue,\" \"target,\" \"seek,\"\n\"objective,\" \"believe,\" \"expect,\" \"anticipate,\" \"intend,\" \"estimate,\" and\nother expressions that are predictions of or indicate future events and trends\nand that do not relate to historical matters identify forward-looking\nstatements. These statements involve risks and uncertainties, and Cardinal's\nactual results could differ materially from the results expressed or implied\nby such forward-looking statements. The potential risks, uncertainties and\nother factors that could cause actual results to differ from those expressed\nby the forward-looking statements in this press release include, but are not\nlimited to, Cardinal's ability to identify, complete and finance suitable\nacquisitions; the risk that any acquisition will not deliver its anticipated\nbenefits to the extent or when expected; the risk that integrating acquired\nbusinesses will be materially delayed or will be more costly or difficult than\nexpected; Cardinal's ability to satisfy the conditions to borrowing under, and\ncomply with the covenants of, its credit agreement; the effect of increased\nindebtedness and changes in interest rates on Cardinal's financial condition;\ndifficulty in sustaining rapid revenue growth, which may place significant\ndemands on Cardinal's administrative, operational and financial resources;\nfluctuations in Cardinal's revenue; and the concentration of Cardinal's\nbusiness in the Southeastern United States. Cardinal has based these\nforward-looking statements largely on its current expectations and projections\nregarding future events and trends that it believes may affect its business,\nfinancial condition and results of operations. The outcome of the events\ndescribed in these forward-looking statements is subject to risks,\nuncertainties and other factors described in the section entitled \"Risk\nFactors\" in Cardinal's Registration Statement on Form S-1 (333-292034) (the\n\"Registration Statement\"), and elsewhere in the Registration Statement.\nAccordingly, you should not rely upon forward-looking statements as\npredictions of future events. Cardinal cannot assure you that the results,\nevents and circumstances reflected in the forward-looking statements will be\nachieved or occur, and actual results, events or circumstances could differ\nmaterially from those projected in the forward-looking statements. Although\nforward-looking statements reflect the good faith beliefs of Cardinal's\nmanagement at the time they are made, forward-looking statements involve known\nand unknown risks, uncertainties and other factors which may cause actual\nresults, performance or achievements to differ materially from anticipated\nfuture results, performance or achievements expressed or implied by such\nforward-looking statements. Cardinal undertakes no obligation to publicly\nupdate or revise any forward-looking statement, whether as a result of new\ninformation, future events, changed circumstances or otherwise, unless\nrequired by law. These cautionary statements qualify all forward-looking\nstatements attributable to Cardinal or persons acting on its behalf.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/cardinal-infrastructure-group-completes-syndication-of-expanded-credit-facility-302889830.html\n(https://www.prnewswire.com/news-releases/cardinal-infrastructure-group-completes-syndication-of-expanded-credit-facility-302889830.html)\n\nSOURCE Cardinal Infrastructure Group Inc.\n\n\n\nCompany Contact: Cardinal Infrastructure Group Inc., Mike Rowe, CFO, 919-268-6386\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1768408/Cardinal-Infrastructure-Group-v1-Logo.jpg?id=OA2970734\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-24T22:03:13.068816081Z","server_sent_at_ms":1790287393068},"received_at":"2026-09-24T22:03:13.121Z","source_url":"https://www.prnewswire.com/news-releases/cardinal-infrastructure-group-completes-syndication-of-expanded-credit-facility-302889830.html"},"analysis":{"id":"141468","press_release_id":"152666","analysis_json":{"industry":{"label":"Construction & Engineering","sector":"Industrials"},"redFlags":["expanded debt capacity signals an acquisition-driven growth strategy with integration and leverage risks","forward-looking statements cite reliance on ability to identify, complete and finance suitable acquisitions"],"eventType":"debt_offering","narrative":"Cardinal Infrastructure Group completed syndication of an expanded credit facility, raising total commitments to $550 million.\n\nThe package includes a new $250 million delayed draw term loan (undrawn, drawable in up to five advances through March 2028) and a revolver increase from $75 million to $100 million, all maturing September 10, 2031.\n\nManagement intends to use the capacity to finance acquisitions and working capital, signaling an active M&A pipeline while maintaining balance-sheet discipline.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Cardinal pre-funds an M&A war chest with $250M delayed draw capacity — watch for acquisition announcements through March 2028."},"keyFigures":{"customDimensions":{"maturity":"September 10, 2031","term_loan_a":"$200 million","swingline_subfacility":"$10 million","delayed_draw_term_loan":"$250 million","total_committed_capacity":"$550 million","revolving_credit_facility":"$100 million (increased from $75 million)","letter_of_credit_subfacility":"$10 million"}},"quotedText":"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","namedEntities":{"people":[{"name":"Jeremy Spivey","role":"Chief Executive Officer"},{"name":"Mike Rowe","role":"Chief Financial Officer"}],"products":[],"companies":[{"name":"Cardinal Infrastructure Group Inc.","ticker":"CDNL","relationship":"filer/parent company"},{"name":"Cardinal Civil Contracting, LLC","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$250 million","context":"new delayed draw term loan facility"},{"amount":"$100 million","context":"expanded revolving credit facility (up from $75 million)"},{"amount":"$550 million","context":"total credit facility commitments"},{"amount":"$200 million","context":"existing Term Loan A"},{"amount":"$10 million","context":"letter of credit sub-facility"},{"amount":"$10 million","context":"swingline sub-facility"}]},"materialImpact":{"score":2,"reasoning":"Routine credit facility expansion that increases committed capacity to $550 million, primarily earmarked for future acquisitions. Positive for financial flexibility but not immediately market-moving since the new $250M term loan is undrawn."},"tickerRelevance":{"others":[],"primary":"CDNL"},"globalImportance":25,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"routine debt facility expansion","eventMateriality":"increases financial flexibility but no immediate cash draw","marketCapAdjustment":"recently IPO'd infrastructure services firm"}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"Cardinal Infrastructure Group completed syndication of an expanded credit facility, raising total commitments to $550 million.\n\nThe package includes a new $250 million delayed draw term loan (undrawn, drawable in up to five advances through March 2028) and a revolver increase from $75 million to $100 million, all maturing September 10, 2031.\n\nManagement intends to use the capacity to finance acquisitions and working capital, signaling an active M&A pipeline while maintaining balance-sheet discipline.","key_figures":{"customDimensions":{"maturity":"September 10, 2031","term_loan_a":"$200 million","swingline_subfacility":"$10 million","delayed_draw_term_loan":"$250 million","total_committed_capacity":"$550 million","revolving_credit_facility":"$100 million (increased from $75 million)","letter_of_credit_subfacility":"$10 million"}},"named_entities":{"people":[{"name":"Jeremy Spivey","role":"Chief Executive Officer"},{"name":"Mike Rowe","role":"Chief Financial Officer"}],"products":[],"companies":[{"name":"Cardinal Infrastructure Group Inc.","ticker":"CDNL","relationship":"filer/parent company"},{"name":"Cardinal Civil Contracting, LLC","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$250 million","context":"new delayed draw term loan facility"},{"amount":"$100 million","context":"expanded revolving credit facility (up from $75 million)"},{"amount":"$550 million","context":"total credit facility commitments"},{"amount":"$200 million","context":"existing Term Loan A"},{"amount":"$10 million","context":"letter of credit sub-facility"},{"amount":"$10 million","context":"swingline sub-facility"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-24T22:03:18.663Z","global_importance":25,"audience_relevance":15,"importance_components":{"tickerTier":"small-cap","eventGravity":"routine debt facility expansion","eventMateriality":"increases financial flexibility but no immediate cash draw","marketCapAdjustment":"recently IPO'd infrastructure services firm"}},"durationMs":5524,"modelName":"glm-5.3-flashx"}}