Tutor Perini Completes Redemption of $400 Million of Senior Notes and Amendment and Restatement of Credit Agreement
Tutor Perini redeemed $400 million of its 11.875% Senior Notes due 2029, funded by proceeds from a new $400 million offering of 6.625% Senior Notes due 2033. The company also amended its credit agreement, extending the revolver maturity to 2031, doubling capacity to $350 million, and slashing interest rate margins.
Key figures
- Deal Value Usd
- 400000000
- New note rate
- 6.625%
- Old note rate
- 11.875%
- Sofr margin new
- 1.75% - 2.50%
- Base rate margin new
- 0.75% - 1.50%
- Revolver commitment new
- $350.0 million
- Revolver commitment old
- $170.0 million
AI analysis
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