MasTec closes upsized $1.5 billion credit facility with better terms

By Wendy Van Sickle

Columbus, Ohio, Feb. 23 – MasTec, Inc. entered into an amended and restated credit facility led by Bank of America, NA and SunTrust Bank, which expanded the senior secured credit facility to $1.5 billion, an increase of more than $250 million, according to a press release.

Also, the amended credit facility has an extended maturity of February 2022, contains more favorable terms and provides additional flexibility for borrowings in foreign currencies.

“We had strong financial performance and working capital management during 2016, enabling us to significantly improve our leverage ratios, despite the working capital usage associated with over $900 million in organic revenue growth during the year,” George Pita, Mastec's executive vice president and chief financial officer, said in the press release.

“We appreciate the continued support and confidence of the financial institutions involved in our credit facility. The amended facility further strengthens our capital structure and liquidity, allowing us full financial flexibility to take advantage of the significant growth opportunities in the markets we serve.”

Coral Gables, Fla.-based MasTec is an infrastructure construction company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.