09:39 AM EDT, 10/03/2024 (MT Newswires) -- Southland Holdings ( SLND ) said Thursday that it closed a $160 million senior secured term loan facility with Callodine Commercial Finance.

The new facility provides a $140 million initial draw term loan and a $20 million committed delayed term loan, which are due in 2028, the company said.

For the initial $140 million term loan, roughly $96 million was used to refinance debt, $37.8 million will be used for general corporate purposes, and the remaining amount will cover transaction-related expenses, the company said.

Southland said the new facility will be used to refinance its previous revolving credit facility balance in full and certain equipment notes. The previous facility has been terminated, the company added.

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