Tutor Perini Completes Redemption of $500 Million of Senior Notes
02 Mayo 2024 - 3:15PM
Business Wire
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading
civil, building and specialty construction company, announced today
that it has completed the redemption of $500 million aggregate
principal amount of the Company’s 6.875% Senior Notes due May 1,
2025 (the “2025 Notes”).
The Company funded the payment for the redemption of the 2025
Notes with the net proceeds of its previously announced offering of
$400 million in aggregate principal amount of 11.875% Senior Notes
due 2029, together with cash on hand.
Tutor Perini’s President, Gary Smalley, commented, “We are
pleased with the significant progress we have made in reducing our
debt by nearly $200 million since the end of last year and in the
successful completion of our recent refinancing. We remain
committed to de-leveraging and will continue to use our excess cash
for that purpose over the near term.”
The refinancing transaction was led by Goldman Sachs & Co.
LLC.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and
specialty construction company offering diversified general
contracting and design-build services to private customers and
public agencies throughout the world. We have provided construction
services since 1894 and have established a strong reputation within
our markets by executing large, complex projects on time and within
budget, while adhering to strict quality control measures. We offer
general contracting, pre-construction planning and comprehensive
project management services, including planning and scheduling of
manpower, equipment, materials and subcontractors required for a
project. We also offer self-performed construction services
including site work, concrete forming and placement, steel
erection, electrical, mechanical, plumbing and heating, ventilation
and air conditioning (HVAC).
Note Regarding Forward-Looking Statements
The statements contained in this release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
are based on the Company’s current expectations, beliefs and
projections concerning future developments and their potential
effects on the Company. While the Company’s expectations and
beliefs are expressed in good faith and the Company believes there
is a reasonable basis for them, these statements are not statements
of historical fact or guarantees of future performance and there
can be no assurance that future developments affecting the Company
will be those that we have anticipated. These forward-looking
statements involve a number of risks, uncertainties (some of which
are beyond the control of the Company) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by such forward-looking statements,
including risks and uncertainties discussed under the heading “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2023 filed on February 28, 2024 and in other reports
that we file with the Securities and Exchange Commission from time
to time. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20240502581820/en/
Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations and Corporate Communications
Tutor Perini (NYSE:TPC)
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