Cardinal subsidiary adds $250 million delayed-draw facility, expands revolver

Cardinal Civil Contracting, LLC, a subsidiary of Cardinal Infrastructure Group Inc. (Nasdaq: CDNL), entered into a second credit-agreement amendment on September 10, 2026, establishing a delayed-draw term loan facility of up to $250 million and increasing revolving commitments from $75 million to $100 million. The parent disclosed the amendment in a September 11 Form 8-K, accession number 0001193125-26-389363.

New capacity, not a completed borrowing

The Second Amendment adds two sources of borrowing capacity under the subsidiary’s existing credit agreement: a delayed-draw term loan facility with an aggregate principal amount of up to $250 million, and a larger revolving facility. Revolving commitments rise by $25 million, from $75 million to $100 million, according to Item 1.01 of the filing.

Those amounts describe credit capacity. The disclosure does not establish that the subsidiary has borrowed $250 million under the delayed-draw facility or used the additional revolving commitments. The distinction matters when assessing the financing: an agreement making credit available does not, by itself, show an increase of the same amount in outstanding debt or cash received.

For readers following CDNL, the disclosed change is therefore an expansion of the subsidiary’s financing arrangements. The filing’s summary does not identify a use of proceeds or connect the capacity to a particular project, acquisition or other expenditure.

The subsidiary is the borrower

Cardinal Civil Contracting is the borrower under the agreement. The other parties to the Second Amendment include the guarantors and lenders party to it, together with Truist Bank as administrative agent, issuing bank and swingline lender. Truist’s stated roles should not be read as identifying it as the sole lender.

Cardinal Infrastructure Group explicitly says it is not a party to either the Second Amendment or the Credit Agreement. That separates the listed parent from the borrowing entity: this is a subsidiary credit amendment disclosed by CDNL, not a statement that the parent itself borrowed $250 million.

The underlying Credit Agreement is dated October 1, 2025, and was previously amended on February 18, 2026. The September 10 agreement is the Second Amendment to that arrangement.

Terms beyond the headline amounts

Alongside the delayed-draw facility and revolving commitment increase, the Second Amendment modifies certain other provisions of the Credit Agreement. Item 1.01 does not detail those changes in its summary. Except as modified, the agreement’s terms remain as previously disclosed.

The company qualifies its description by reference to the full Second Amendment, filed as Exhibit 10.1. The headline capacity figures consequently describe only part of the agreement; they do not establish the full conditions governing access to the facilities.

Interest rates and spreads, maturity dates, actual amounts drawn and whether the delayed-draw facility has been used remain unspecified in the Item 1.01 summary. Without those details, the disclosed capacity alone does not establish borrowing costs or the timing of repayment obligations.

The event date is September 10, and the Form 8-K was filed September 11. Chief Financial Officer Mike Rowe signed the report. The filing provides a dated update to the company’s financing structure, with the borrower’s use of the new capacity still unestablished by this disclosure.