Granite Construction Incorporated amended and expanded its credit agreement to a four-year, $215 million senior secured credit facility. This facility, which matures October 2016, is available for the issuance of performance and financial letters of credit and/or borrowings for working capital needs and general corporate purposes and replaces Granite’s $100 million credit facility which was scheduled to mature in June 2013
“The increase in commitments and continued support signal the ongoing confidence our lenders have in Granite’s current business and our future opportunities,” Laurel J. Krzeminski, Granite’s vice president and chief financial officer, said in a statement. “The amended and restated credit agreement provides Granite with ample liquidity and financial flexibility to pursue our long-term strategic growth initiatives.”
The credit facility consists of participation from Bank of America, Bank of the West, BBVA Compass Bank, BMO Harris Bank, Comerica Bank, US Bank and Union Bank.