Tutor Perini Corporation (NYSE: TPC) has announced a proposed offering of $400 million in aggregate principal amount of senior notes in a private offering. The company plans to use the net proceeds from this offering, along with cash on hand, to redeem or repay $500 million aggregate principal amount of the company’s 6.875% senior notes due May 1, 2025 (the “2025 notes”) and pay related premiums, accrued interest, and fees and expenses associated with such redemption or repayment.
The company has also entered into an amendment to the credit agreement governing its senior secured credit facilities. Among other changes, the company’s revolving credit facility will have its maturity date extended from August 18, 2025 to either May 20, 2027 or August 18, 2027, depending on certain conditions, and the aggregate commitments in respect of the revolving credit facility will be permanently reduced by $5 million from $175 million to $170 million.
Tutor Perini Corporation is a leading civil, building, and specialty construction company that has been providing construction services since 1894. The company has established a strong reputation within its markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. Today the company's shares have moved 1.2% to a price of $14.02. If you want to know more, read the company's complete 8-K report here.
