Sterling Construction announced the company has selected a lender to replace its current debt financing agreement with its primary lender Comerica Bank by the end of May 2015. A company spokesperson said Sterling would be unable to divulge the name of the new lender until its due diligence process is completed.

Sterling said the new credit facility is expected to be secured by its equipment assets. The selected lender is currently conducting a visual appraisal of Sterling’s fleet of construction equipment, which is spread across more than 120 active job sites throughout the western U.S., including Hawaii.

Thomas Wright, Sterling’s executive vice president and chief financial officer, stated, “After evaluating several debt financing proposals, we are pleased to have selected a reputable equipment financing company to replace our existing credit facility. The new agreement is expected to provide Sterling with adequate liquidity and flexibility to fund ongoing operations.”

Woodslands, TX-based Sterling is a heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California, Hawaii, and other states where there are construction opportunities.