Southland Holdings secures $15 million surety funding support

Claim 70% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potentialSouthland Holdings ( (SLND) ) has provided an update. Southland Holdings, Inc. disclosed that Zurich Insurance Company Ltd, one of its surety providers, has advanced approximately $15 million under a general indemnity agreement to fund bonded construction contract obligations and maintain progress on those projects, creating an obligation for Southland to indemnify and reimburse the surety for the amounts advanced. The company is working with its term loan agent, Callodine Commercial Finance, LLC, and other lenders to assess how the surety funding affects its existing credit agreement, while also negotiating with its sureties and lenders for additional surety funds and a longer-term financing solution, with no assurance that such additional funding or arrangements will ultimately be secured. The most recent analyst rating on (SLND) stock is a Sell with a $3.00 price target. To see the full list of analyst forecasts on Southland Holdings stock, see the SLND Stock Forecast page. Spark’s Take on SLND Stock According to Spark, TipRanks’ AI Analyst, SLND is a Neutral. The score is held down primarily by weak financial performance (losses, high leverage, and negative cash flows) and a bearish technical setup. Offsetting factors include earnings-call evidence of improving gross margins and a large backlog, but financing-related corporate developments add risk and limit upside. To see Spark’s full report on SLND stock, click here. More about Southland Holdings Southland Holdings, Inc. operates in the construction industry, where it typically must provide surety performance and payment bonds to guarantee completion of projects and payment to subcontractors and suppliers under bonded construction contracts. Average Trading Volume: 53,492 Technical Sentiment Signal: Sell Current Market Cap: $171.5M For a thorough assessment of SLND stock, go to TipRanks’ Stock Analysis page.