Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1627

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1627
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 Five-Year Term Loan FacilityOctober 7, 2027285.0 300.0 Three-Year Term Loan FacilityOctober 7, 2025— 400.0 Finance lease and other obligations356.5 380.3 Total debt obligations$2,238.7 $3,078.8 Less unamortized deferred financing costs(14.6)(13.5)Total debt, net of deferred financing costs$2,224.1 $3,065.3 Current portion of long-term debt186.1 177.2 Long-term debt$2,038.0 $2,888.1 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”).  Borrowings under the Credit Facility will be used for working capital requirements, capital expenditures and other corporate purposes, including potential acquisitions, equity investments or other strategic arrangements, and/or the repurchase or prepayment of indebtedness, among other corporate borrowing requirements, including potential share repurchases.  The Term Loan is subject to amortization in quarterly principal installments of approximately $2.2 million, which quarterly installments increase to approximately $4.4 million in March 2025 until maturity.  Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments.  As of both December 31, 2024 and 2023, 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.The Credit Facility allows the Company to borrow up to an aggregate equivalent amount of $300 million in revolving advances in either Canadian dollars and/or Mexican pesos.  The maximum amount available for letters of credit under the Credit Facility is $650 million, of which up to $200 million can be denominated in either Canadian dollars and/or Mexican pesos.  The Credit Facility also provides for swing line loans of up to $125 million, and, subject to certain conditions, the Company has the option to increase revolving commitments and/or establish additional term loan tranches, as defined in the Credit Facility.  Subject to certain limitations described in the Credit Facility, these additional term loan tranches may have terms and pricing that differ from the