Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 27

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 27
---
) 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 September 30, 2025 and December 31, 2024, outstanding revolving loans, which included $42.4 million and $43.1 million, respectively, of borrowings denominated in Canadian dollars, accrued interest at weighted average rates of approximately 5.19% and 4.97% per annum, respectively.  Letters of credit of approximately $20.8 million and $64.3 million were issued as of September 30, 2025 and December 31, 2024, respectively.  As of both September 30, 2025 and December 31, 2024, letter of credit fees accrued at 0.5625% per annum for performance standby letters of credit and at 1.375% per annum for financial standby letters of credit.  Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.As of September 30, 2025 and December 31, 2024, availability for revolving loans totaled $1,736.8 million and $1,792.6 million, respectively, or up to $729.2 million and $585.7 million, respectively, for new letters of credit.  Revolving loan borrowing capacity included $257.6 million and $256.9 million of availability in either Canadian dollars or Mexican pesos as of September 30, 2025 and December 31, 2024, respectively.  The unused facility fee as of both September 30, 2025 and December 31, 2024 accrued at rates of 0.200% per annum.Other Credit FacilitiesThe Company has a separate credit facility