MasTec Announces Pricing of $650,000,000 of Senior Notes
MasTec, Inc. (NYSE: MTZ) (“MasTec”) today announced the pricing of its public offering of $650,000,000 aggregate principal amount of senior notes due 2036. The notes will pay interest semi-annually at a rate of 5.850% and will mature on September 30, 2036. The notes were priced at 99.656%.
The notes will be MasTec’s senior unsecured obligations and will rank equal in right of payment with all existing and future senior unsecured indebtedness of MasTec, and senior in right of payment to any future subordinated indebtedness of MasTec. The notes will be effectively subordinated to all secured indebtedness of MasTec, to the extent of the value of the assets securing such indebtedness. The notes will be structurally subordinated to all of the liabilities of the subsidiaries of MasTec, including trade payables.
MasTec intends to use the net proceeds from the offering to repay some or all of its $600 million term loan under its term loan agreement that matures on June 26, 2028 and to pay related fees and expenses. MasTec intends to use any remaining net proceeds thereafter for general corporate purposes, which may include the repayment of existing indebtedness, including borrowings under MasTec’s senior unsecured credit facility.
