Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 258

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 5
Chunk 258
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4.97% per annum, respectively.  Letters of credit of approximately $20.8 million and $64.3 million were issued as of September 30, 2025 and December 31, 2024, respectively.  As of both September 30, 2025 and December 31, 2024, letter of credit fees accrued at 0.5625% per annum for performance standby letters of credit and at 1.375% per annum for financial standby letters of credit.  Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.As of September 30, 2025 and December 31, 2024, availability for revolving loans totaled $1,736.8 million and $1,792.6 million, respectively, or up to $729.2 million and $585.7 million, respectively, for new letters of credit.  Revolving loan borrowing capacity included $257.6 million and $256.9 million of availability in either Canadian dollars or Mexican pesos as of September 30, 2025 and December 31, 2024, respectively.  The unused facility fee as of both September 30, 2025 and December 31, 2024 accrued at rates of 0.200% per annum.Other Credit FacilitiesThe Company has a separate credit facility, under which it may issue up to $50.0 million of performance standby letters of credit.  As of September 30, 2025 and December 31, 2024, letters of credit issued under this facility totaled $33.4 million and $17.4 million, respectively, which accrued fees at 0.65% and 0.75% per annum, respectively.Senior NotesAs of both September 30, 2025 and December 31, 2024, the gross carrying amount of the Company’s 4.500% senior notes due August 15, 2028 (the “4.500% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $598.0 million and $581.9 million, respectively.  As of both September 30, 2025 and December 31, 2024, the gross carrying amount of the Company’s 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”) totaled $550.0 million, and their estimated fair value totaled approximately