MasTec Announces Upsize and Pricing of its Senior Unsecured Notes Offering to Refinance Existing $400 Million Senior Notes Due 2023

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MasTec, Inc. (the “Company”) (NYSE: MTZ) today announced that it has upsized and priced a private offering (the “Offering”) of $600 million aggregate principal amount of unsecured notes (the “Notes”) at par, representing an increase of $200 million in aggregate principal amount from the previously announced proposed offering size. The Notes will mature on August 15, 2028 and will bear an interest rate of 4.50%. The offering is expected to close on August 4, 2020, subject to customary closing conditions.

The Notes will rank equally in right of payment with any existing and future senior debt, and senior in right of payment to any existing and future subordinated debt. The Notes will be effectively junior to the Company’s secured debt, including the Company’s existing credit facilities, to the extent of the value of the assets securing that debt.

The Company intends to use the proceeds from the Offering ultimately to redeem or repurchase all of the Company’s existing 4.875% Senior Notes due 2023 (the “2023 Notes”), to pay fees and expenses in connection therewith, and to repay revolving loans under its existing credit facilities. Prior to redeeming the 2023 Notes, the Company may temporarily pay down amounts under its revolving credit facility and then, subject to customary borrowing conditions, reborrow under the revolving credit facility to effect the redemption.

The Notes will be guaranteed on a senior unsecured basis by the Company’s wholly-owned domestic restricted subsidiaries that guarantee the Company’s existing credit facilities, subject to certain exceptions.

The Offering is exempt from the registration requirements of Securities Act of 1933 (as amended, the “Securities Act”). The Notes have been offered and will be sold only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold absent an effective registration statement or pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

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