Southland entered a Financial Assistance Agreement with surety partners, retroactive to Oct. 1, 2025, covering financing support for bonded projects.
Bonding Surety Financing totaled $58.97 million as of June 30, 2026; it accrues 4% annual interest, capitalized each year.
Non-Bonding Financing stood at $150.86 million; the company expects to convert that amount into senior non-voting preferred shares by Sept. 30.
A second amendment to the credit agreement cut the loan rate to 4% from a prior floating rate; interest will accrue as paid-in-kind.
The amendment also suspended quarterly amortization, early termination premium payments, and key maintenance covenants, subject to default-related reversion triggers.
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