THE WOODLANDS, Texas--(BUSINESS WIRE)--Sterling Construction Company, Inc. (NasdaqGS:STRL) ( Sterling or the Company ), relative to its March 16, 2015 announcement regarding its credit facility, today announced that the Company has selected a lender to replace its current debt financing agreement with a new credit facility by the end of May 2015. The new credit facility is expected to be secured by Sterling s equipment assets. The selected lender is currently conducting a visual appraisal of Sterling s fleet of construction equipment, which is spread across more than 120 active job sites throughout the western United States, including Hawaii.
After evaluating several debt financing proposals, we are pleased to have selected a reputable equipment financing company to replace our existing credit facility. The new agreement is expected to provide Sterling with adequate liquidity and flexibility to fund ongoing operations.
Thomas Wright, Sterling s Executive Vice President and Chief Financial Officer, stated, After evaluating several debt financing proposals, we are pleased to have selected a reputable equipment financing company to replace our existing credit facility. The new agreement is expected to provide Sterling with adequate liquidity and flexibility to fund ongoing operations.
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California, Hawaii, and other states where there are construction opportunities. Its transportation infrastructure projects include highways, roads, bridges and light rail and its water infrastructure projects include water, wastewater and storm drainage systems.
This press release includes certain statements that fall within the definition of forward-looking statements under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors and customers actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.
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