Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2856

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 2856
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31, 2024 and 2023, respectively.

78

Note 7 – Debt 

 The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description   Maturity Date20242023Senior credit facility:November 1, 2026Revolving loans$43.1 $773.0 Term loan332.5 341.3 4.500% Senior NotesAugust 15, 2028600.0 600.0 5.900% Senior NotesJune 15, 2029550.0 — 6.625% Senior Notes August 15, 202971.6 284.2 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