TUTOR PERINI CORP (TPC): debt financing — Tutor Perini issues $400M 11.875% notes due 2029 to refinance $500M 2025 notes

TUTOR PERINI CORP

Issued $400M aggregate principal of 11.875% Senior Notes due 2029 at 97.710% issue price.
Net proceeds plus cash on hand to redeem or repay $500M of 6.875% Senior Notes due May 2025.
Notes bear interest at 11.875%, mature April 30, 2029; first interest payment Oct 31, 2024.
Notes are senior unsecured obligations, guaranteed by certain subsidiaries, effectively subordinated to secured debt.
Indenture includes covenants limiting additional debt, restricted payments, mergers, liens; some suspended with investment-grade ratings.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TUTOR PERINI CORP incurred senior notes of $400.0 million at 11.875% maturing mature on April 30, 2029.

Instrument: senior notes
Principal: $400.0 million
Rate: 11.875%
Maturity: mature on April 30, 2029
Event: incurrence

Exact text from the filing

On April 22, 2024 (the “Closing Date”), Tutor Perini Corporation (the “Company”) completed the previously announced sale of $400.0 million in aggregate principal amount of 11.875% Senior Notes due 2029 (the “Notes”) at an issue price of 97.710% (the “Notes Offering”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TUTOR PERINI CORP entered into Indenture with Wilmington Trust, National Association valued at $400.0 million (effective 2024-04-22).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $400.0 million
Effective: 2024-04-22

Exact text from the filing

On April 22, 2024 (the “Closing Date”), Tutor Perini Corporation (the “Company”) completed the previously announced sale of $400.0 million in aggregate principal amount of 11.875% Senior Notes due 2029 (the “Notes”) at an issue price of 97.710% (the “Notes Offering”).

View on SEC.gov

316 debt financings filed in the last 30 days. Browse all debt financings →

TUTOR PERINI CORP filing history →

Source: SEC EDGAR

accession 0000077543-24-000092

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