Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 23

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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.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 March 31, 2025 and December 31, 2024, availability for revolving loans totaled $1,811.2 million and $1,792.6 million, respectively, or up to $600.8 million and $585.7 million, respectively, for new letters of credit.  Revolving loan borrowing capacity included $260.4 million and $256.9 million of availability in either Canadian dollars or Mexican pesos as of March 31, 2025 and December 31, 2024, respectively.  The unused facility fee as of March 31, 2025 and December 31, 2024 accrued at rates of 0.175% and 0.200% per annum, respectively.Other Credit FacilitiesThe Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances.  There were no outstanding borrowings under the Company’s other credit facilities as of either March 31, 2025 or December 31, 2024.  Additionally, the Company has a separate credit facility, under which it may issue up to $50.0 million of performance standby letters of credit.  As of March 31, 2025 and December 31, 2024, letters of credit issued under this facility totaled $29.5 million and $17.4 million, respectively, which accrued fees at 0.50% and 0.75% per annum, respectively.Senior NotesAs of both March 31, 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 $585.5 million and $581.9 million, respectively.  As of both March 31, 2025 and December 31, 2024, the gross carrying amount of the Company’s 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”) totaled $550.0 million, and their