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MasTec completes offer for 7 5/8% notes, gets no additional tenders
By Susanna Moon
Chicago, April 1 - MasTec, Inc. said investors tendered no additional 7 5/8% senior notes due 2017 since the early tender deadline at 5 p.m. ET on March 14.
As previously noted, holders had tendered $121,125,000, or 80.75%, of its $150 million outstanding principal amount of the notes by the early tender date.
The company called the remaining $28,875,000 notes for redemption on April 1 at 102.542, as planned, according to a press release.
Holders also will receive accrued interest to but excluding the redemption date.
MasTec settled the early tendered notes on March 18.
As noted before, MasTec received enough consents to amend the notes to eliminate substantially all of the restrictive covenants and related events of default, cutting the time required to send a notice of redemption to holders to three days from 30 days.
The tender offer expired at 11:59 p.m. ET on March 28. The offer began March 1.
The total purchase price was $1,027.92 for each $1,000 principal amount of notes tendered by the early tender deadline, which included an early tender payment of $30.00 per $1,000 of notes.
Those who tendered after the early tender date would have received the base payment of $997.92 per $1,000 of notes.
The company also paid accrued interest to but excluding the payment date.
Holders could not to tender their notes without delivering consents or vice versa.
The tender offer was conditioned on obtaining financing, which was satisfied when the company closed its $400 million offering of 4 7/8% senior notes due 2023.
Barclays (800 438-3242 or collect 212 528-7581) was the dealer manager. D.F. King & Co., Inc. (800 769-4414 or, for banks and brokers, 212 269-5550) was the tender agent and information agent.
The issuer is a Coral Gables, Fla., telecommunications and energy infrastructure company.
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