Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 249

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 5
Chunk 249
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 March 31, 2025.  There were no share repurchases for the three month period ended March 31, 2024.  Payments of finance lease obligations increased by approximately $3 million in 2025 as compared with 2024 and payments for other financing activities, net, totaled $7.3 million for the three month period ended March 31, 2025, and included payments for other borrowing activities, as compared with $4.6 million for the same period in 2024.  

Senior Credit Facility 

We have a $2.25 billion senior unsecured credit facility (as amended from time to time, the “Credit Facility”), which is composed of $1.9 billion of revolving commitments and a Term Loan with an original principal amount of $350 million, and matures on November 1, 2026.  As of March 31, 2025, aggregate outstanding revolving borrowings totaled approximately $40 million and availability for revolving loans totaled $1,811 million.  Borrowings under our Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including acquisitions, equity investments or other strategic arrangements, and/or the repurchase or prepayment of indebtedness, among other corporate borrowing requirements, including potential share repurchases.

We are dependent upon borrowings and letters of credit under our Credit Facility to fund our operations.  Should we be unable to comply with the terms and conditions of our Credit Facility, we would be required to obtain modifications to the Credit Facility or obtain an alternative source of financing to continue to operate, neither of which may be available to us on commercially reasonable terms, or at all.  The Credit Facility is subject to certain provisions and covenants, as more fully described in Note 7 – Debt in the notes to the audited consolidated financial statements included in our 2024 Form 10-K. 

Senior Notes

Our senior notes include $600 million aggregate principal amount of 4.500% senior unsecured notes due August 15, 2028 (the “4.500% Senior Notes”), $550 million aggregate principal amount of 5.900% senior unsecured notes due June 15, 2029 (the “5.900% Senior Notes”) and $75 million aggregate principal amount of 6.625% senior unsecured notes due August 15, 2029 (the “6.625% Senior Notes”).  Our senior notes are subject to certain provisions and covenants, as more fully described in