MasTec gets consents from 4 7/8% noteholders to extend filing deadlines

By Susanna Moon

Chicago, April 13 – MasTec, Inc. received the needed consents for more than a majority of its $400 million of 4 7/8% senior notes due March 15, 2023 and entered into a supplemental indenture to the notes, according to an 8-K filing with the Securities and Exchange Commission.

As previously announced, the company sought consents to amend the notes indenture to extend the deadlines for filing financial statements and to waive any default, breach or non-compliance arising from the failure to timely file the financials statements.

The consent solicitation ended at 5 p.m. ET on April 10. The solicitation began on March 31.

The company asked to extend the dates for filing and delivering a Form 10-K for the fiscal year ended Dec. 31 and a Form 10-Q for the quarter ended March 31 to Aug. 1.

If the company makes a second consent payment on or before Aug. 1, the dates for filing the 2014 Form 10-K, the Q1 2015 Form 10-Q and a Form 10-Q for the quarter ending June 30 will be extended to Nov. 1, 2015.

The consent payment will be $2.50 per $1,000 of notes. Holders must be of record as of 5 p.m. ET on March 30.

An additional $2.50 per $1,000 of notes will be paid to consenting holders on or before Aug. 1 if the company decides to obtain the second reporting deadline extension, as previously noted.

Approval of the proposed changes required the consent of holders of a majority of the outstanding notes.

Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) is the solicitation agent. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 866 796-7179) is the information and tabulation agent.

The company previously said it also received consent from the bank group under its senior secured credit facility to delay delivery of its annual audited financial statements for the fiscal year ended Dec. 31 and its quarterly financial statements for the fiscal quarter ended March 31.

Under the terms of the consent, the bank group has extended the deadline to June 1.

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.