MasTec Announces Successful Tender Offer for 6.625% Senior Notes

Mastec, Inc. has announced the results of its early participation in a tender offer and consent solicitation. The company received valid consents from holders of not less than a majority in principal amount of its 6.625% senior notes due 2029, allowing it to adopt proposed amendments with respect to the notes indenture. As of the early tender deadline, $203,709,000 of the notes had been tendered, representing 90.49% of the outstanding principal amount.

For each $1,000 principal amount of notes, excluding accrued but unpaid interest, holders are eligible to receive the total consideration of $1,000, which consists of $950 offer consideration and a $50 early tender payment. Mastec has accepted all notes validly tendered and not validly withdrawn at or prior to the early tender deadline, with payment scheduled for June 24, 2024. The payment date for notes tendered after the early tender deadline but at or prior to the expiration time is expected to be July 9, 2024.

Since at least 90% of holders of the outstanding principal amount of notes validly tendered and did not validly withdraw, Mastec expects to redeem the remaining notes outstanding following the expiration time at a redemption price equal to the offer consideration, plus accrued and unpaid interest, if any. The company has retained J.P. Morgan as the sole dealer manager for the tender offer.

Mastec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. Its primary activities include the engineering, building, installation, maintenance, and upgrade of communications, energy, utility, and other infrastructure. Today the company's shares have moved -0.6% to a price of $108.57. For more information, read the company's full 8-K submission here.

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