Southland converts $150.86M surety debt to preferred equity, cuts term loan rate to 4%

Filed August 13, 2026 · Period ending August 13, 2026 · ~1 min read

Key Changes

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  Converting $150.86M of Non-Bonding Financing to senior preferred shares by Sept 30, 2026, with $1,000 stated value per share, perpetual maturity, and senior liquidation preference over all other equity.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
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  Term loan interest rate reduced to fixed 4% per annum (from SOFR+7.25% with 3% floor), with interest capitalized as paid-in-kind rather than paid in cash during the Relief Period.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
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  Suspended quarterly amortization payments, early termination premiums, $20M minimum liquidity covenant, and EBITDA covenant testing during the Relief Period.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →