Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 112

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 of approximately 4.00% and 4.97% per annum, respectively.  Letters of credit of approximately $20.2 million and $64.3 million were issued as of June 30, 2025 and December 31, 2024, respectively.  As of June 30, 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 June 30, 2025 and December 31, 2024, availability for revolving loans totaled $1,832.8 million and $1,792.6 million, respectively, or up to $729.8 million and $585.7 million, respectively, for new letters of credit.  Revolving loan borrowing capacity included $253.0 million and $256.9 million of availability in either Canadian dollars or Mexican pesos as of June 30, 2025 and December 31, 2024, respectively.  The unused facility fee as of June 30, 2025 and December 31, 2024 accrued at rates of 0.175% and 0.200% per annum, respectively.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 June 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 0.50% and 0.75% per annum, respectively.

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Senior NotesAs of both June 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 $591.6 million and $581.9 million, respectively.  As of both June 30, 2025 and December 31, 2024, the gross carrying amount of the Company’s 5