Tutor Perini Corporation (NYSE: TPC) has announced a significant strengthening of its balance sheet with the pre-payment of an additional $100 million of its term loan b debt. This follows a previous paydown of $50 million of the term loan b debt that was disclosed in the company’s November 6, 2024 earnings release. In total, the company has successfully deleveraged its balance sheet by $150 million in the last month, meeting the upper end of its targeted debt reduction plan for the fourth quarter of 2024.
As of November 20, 2024, the remaining principal balance of the term loan b, after these recent paydowns, was approximately $123 million. The company has also disclosed plans to pay down an additional $50 million to $75 million of the term loan b debt in the first quarter of 2025, exceeding the upper end of this range.
These debt repayments represent voluntary, early paydowns of the term loan b debt, showcasing Tutor Perini's proactive approach to managing its financial obligations.
Tutor Perini Corporation, a leading civil, building, and specialty construction company, has demonstrated a strong reputation within its markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. The company offers diversified general contracting and design-build services to private customers and public agencies worldwide, with a history in construction services dating back to 1894. The market has reacted to these announcements by moving the company's shares -2.3% to a price of $28.69. For more information, read the company's full 8-K submission here.
