Southland Holdings closes $160M senior secured credit facility with Callodine

Southland Holdings, Inc.

$160M facility: $140M initial term loan + $20M delayed draw; matures Sept 2028.
$96M of proceeds refinanced existing debt, including $74.5M Frost Bank revolver terminated.
$37.8M will be available for general corporate purposes; $6.2M for transaction costs.
Interest at 7.25% plus SOFR (floor 3%); quarterly amortization starting Dec 2024.
Requires minimum liquidity of $20M; TTM EBITDA covenant tested if liquidity under $30M.

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