Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 162

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 4
Chunk 162
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 186.1 Long-term debt$2,041.6 $2,038.0 Senior Credit FacilityThe Company maintains a $2.25 billion senior unsecured credit facility (the “Credit Facility”), which is composed of $1.9 billion of revolving commitments and a term loan with an original principal amount of $350.0 million (the “Term Loan”).  The Term Loan is subject to amortization in quarterly principal installments of approximately $4.4 million until maturity, which quarterly installments increased from approximately $2.2 million in March 2025.  Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments.  As of both March 31, 2025 and December 31, 2024, the fair values of the Credit Facility and Term Loan, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated their carrying values.As of March 31, 2025 and December 31, 2024, outstanding revolving loans, which included $39.6 million and $43.1 million, respectively, of borrowings denominated in Canadian dollars, accrued interest at weighted average rates of approximately 4.30% and 4.97% per annum, respectively.  The Term Loan accrued interest at rates of 5.68% and 6.22% as of March 31, 2025 and December 31, 2024, respectively.  Letters of credit of approximately $49.2 million and $64.3 million were issued as of March 31, 2025 and December 31, 2024, respectively.  As of March 31, 2025 and December 31, 2024, letter of credit fees accrued at 0.4375% and 0.5625% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.250% and 1.375% per annum, respectively.  Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.As of March 31, 2025 and December 31, 2024, availability for revolving loans totaled $1,811.2 million and $1,792.6 million, respectively, or up to $600.8 million and $585.7 million, respectively, for new letters of credit.