Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1478

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1478
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 during the term of the Five-Year Term Loan.  Subject to customary exceptions, the Five-Year Term Loan limits the borrowers’ ability to engage in certain activities, including but not limited to acquisitions, mergers and consolidations, debt incurrence, investments, asset sales, debt prepayments, lien incurrence and the making of distributions on or repurchases of capital stock.  However, distributions payable solely in capital stock are permitted.  The Five-Year Term Loan 

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provides for customary events of default and carries cross-default provisions with the Company’s other significant debt instruments, including the Company’s indemnity agreement with its surety provider, as well as customary remedies, including the acceleration of repayment of outstanding amounts.Selected Transaction Costs.  In connection with the 2022 acquisition of IEA, the Company incurred approximately $2.9 million of fees and expenses for bridge term loan facility commitments, which commitments were subsequently terminated upon the Company having entered into the Five-Year and Three-Year Term Loan Facilities.  The Company also incurred approximately $1.9 million of fees and expenses in connection with the 6.625% MasTec Senior Notes.  These amounts are primarily reflected within acquisition and integration costs within other expense in the Company’s consolidated statements of operations for the year ended December 31, 2022.Debt CovenantsMasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both December 31, 2024 and 2023.Contractual Maturities of DebtContractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2024 were as follows (in millions): 2025$186.7 2026487.3 2027301.7 2028631.3 2029630.1 Thereafter1.6 Total$2,238.7 As of December 31, 2024 and 2023, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $20.8 million and $24.1 million, respectively.

Note 8 – Lease Obligations  

Finance LeasesThe gross amount of assets held under finance leases as of December 31, 2024 and 2023 totaled $713.9 million and $679.9 million, respectively.  Assets held under finance leases, net of accumulated depreciation, totaled $473.0 million and $473.3 million as of December