Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1113

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1113
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 subject to prior notice of cancellation.  As of December 31, 2024 and 2023, availability for revolving loans totaled $1,792.6 million and $1,062.1 million, respectively, or up to $585.7 million and $585.1 million, respectively, for new letters of credit.  As of December 31, 2024, outstanding revolving borrowings denominated in foreign currencies totaled $43.1 million and accrued interest at a weighted average rate of approximately 4.970% per annum, and as of December 31, 2023, there were no outstanding revolving borrowings denominated in foreign currencies.  Revolving loan borrowing capacity included $256.9 million and $300.0 million of availability in either Canadian dollars or 

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Mexican pesos as of December 31, 2024 and 2023, respectively.  The unused facility fee as of December 31, 2024 and 2023 accrued at rates of 0.200% and 0.225% per annum, respectively.The Credit Facility requires that the Company maintain a maximum Consolidated Leverage Ratio, as defined in the Credit Facility, of not more than 3.50 as of the end of any fiscal quarter, subject to the Acquisition Adjustment described below.  The Credit Facility also requires that the Company maintain a minimum Consolidated Interest Coverage Ratio, as defined in the Credit Facility, of at least 3.00.  Additionally, subject to certain conditions, if a Permitted Acquisition, as defined in the Credit Facility, or series of Permitted Acquisitions having consideration exceeding $100 million occurs during a fiscal quarter, the maximum Consolidated Leverage Ratio may be temporarily increased to up to 4.00 during such fiscal quarter and the subsequent four fiscal quarters (the “Acquisition Adjustment”).  Such right may be exercised no more than two times during the term of the Credit Facility.  Subject to customary exceptions, the Credit Facility limits the Company’s ability to engage in certain activities, including, but not limited to, acquisitions, mergers and consolidations, debt incurrence, investments, asset sales, debt prepayments, lien incurrence and the making of distributions or repurchases of the Company’s capital stock.  However, distributions payable solely in common stock are permitted.  The Credit Facility provides for customary events of default and carries cross-default provisions with the Company’s other significant debt instruments, including the Company’s indemnity agreement