MasTec to price $400 million eight-year notes on Tuesday; initial guidance high 4% area to 5%

By Paul A. Harris

Portland, Ore., July 20 – MasTec, Inc. plans to price a $400 million offering of eight-year senior notes (unsecured ratings Ba3/BB) on Tuesday, according to market sources.

The notes, which were scheduled to be shopped on an investor conference call at noon ET on Monday, are in the market with initial guidance in the high 4% area to 5%, according to a New York-based trader.

BofA Securities Inc. is the left bookrunner. SunTrust Robinson Humphrey Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Barclays are the joint bookrunners.

Wells Fargo Securities LLC, BMO Capital Markets Corp., BBVA Securities Inc., PNC Capital Markets LLC, Capital One Securities Inc. and Credit Suisse Securities (USA) LLC are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Coral Gables, Fla.-based infrastructure engineering company plans to use the proceeds to redeem or repurchase all of its 4 7/8% senior notes due 2023.

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