Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2747

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 2747
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4.97% and 7.71% per annum as of December 31, 2024 and 2023, respectively.  The Term Loan accrued interest at rates of 6.22% and 7.08% as of December 31, 2024 and 2023, respectively.  Letters of credit of approximately $64.3 million and $64.9 million were issued as of December 31, 2024 and 2023, respectively.  As of December 31, 2024 and 2023, letter of credit fees accrued at 0.5625% and 0.6875% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.375% and 1.625% 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 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