Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 197

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 4
Chunk 197
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 up to $250 million can be denominated in either Canadian dollars 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 as defined in the Credit Facility.  As of June 30, 2025 and December 31, 2024, the fair value of the Credit Facility, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.Outstanding revolving loans under the Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR, TIIE, or Term CORRA, in each case as defined in the Credit Facility, plus a margin of 1.125% to 1.625%, or (b) Base Rate, as defined below, plus a margin of 0.125% to 0.625%.  The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the Credit Facility, plus 0.50%, (ii) Bank of America’s prime rate, and (iii) Term SOFR plus 1.00%.  Financial standby letters of credit and commercial letters of credit issued under the Credit Facility are subject to a letter of credit fee ranging from 1.125% to 1.625%, and performance standby letters of credit issued under such Credit Facility are subject to a letter of credit fee ranging from 0.3125% to 0.6875%.  The Company must also pay a commitment fee to the lenders ranging from 0.150% to 0.225% on any unused availability under the Credit Facility.  In each of the foregoing cases, the applicable margin or fee is based on the Company’s Consolidated Leverage Ratio and Debt Rating, each as defined in the Credit Facility, as of the most recent fiscal quarter.As of June 30, 2025 and December 31, 2024, outstanding revolving loans, which included $47.0 million and $43.1 million, respectively, of borrowings denominated in Canadian dollars, accrued interest at weighted average rates 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