Southland secures surety financing deal; converts $150.86M to preferred shares

Southland Holdings, Inc.

Sureties provided $209.8M total financing as of June 30, 2026: $58.97M bonding, $150.86M non-bonding.
Non-bonding financing to convert into $150.86M senior non-voting preferred shares, issued by Sept 30, 2026.
Credit Agreement interest rate cut to 4% PIK from 7.25%+SOFR; quarterly amortization and financial covenants suspended.
$89.1M Washington State Convention Center settlement repayment terms still under negotiation.
Preferred shares have $1,000 stated value, perpetual, senior to all equity; excess converts back to unsecured debt.

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