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Note 19 - Subsequent Event - Commitment to Purchase Concrete Company
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Subsequent Events [Text Block]
19.
Subsequent Event –Purchase of Concrete Company
 
On
March
8,
2017,
the Company entered into a definitive agreement to buy Tealstone Construction (“Tealstone”), a Denton, Texas-based concrete construction company for
$85
million, subject to specified post-closing adjustments. Tealstone is a market leader in commercial and residential concrete construction in the Dallas-Fort Worth Metroplex. The company serves commercial contractors and multi-family developers, as well as national homebuilders in Texas and Oklahoma.
 
Sterling plans to finance the acquisition through a combination of
$15
million of seller financing,
1,882,058
shares of Sterling common stock, and
$55
million of debt from Sterling’s new
$85
million credit facility, which will replace the existing facility.  The transaction is expected to close in the
second
quarter of
2017
and is contingent on customary closing conditions including new debt financing and regulatory approvals.