Tutor Perini issues $400M 6.625% notes due 2033, redeems 11.875% 2029 notes, amends credit facility

TUTOR PERINI CORP

• Issued $400M 6.625% notes due 2033; proceeds used to redeem $400M 11.875% 2029 notes at 108.906%.
• Amended credit agreement: revolver increased from $170M to $350M, maturity extended to July 2, 2031.
• SOFR margin reduced to 1.75%-2.50% (from 4.25%-4.75%); base rate margin reduced to 0.75%-1.50%.
• New financial covenants: max Total Net Leverage Ratio 3.50:1.00, min cash Interest Coverage Ratio 3.00:1.00.
• Redemption of 2029 Notes completed on July 2, 2026 at 108.906% of principal.