Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 132

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 132
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 notes due June 15, 2029 (the “5.900% Senior Notes”) totaled $550.0 million, and their estimated fair value totaled approximately $569.6 million and $558.8 million, respectively.  As of June 30, 2025 and December 31, 2024, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 (the “6.625% Senior Notes”) totaled $72.0 million and $71.6 million, respectively, and their estimated fair value approximated their carrying value for both respective periods.  As of June 30, 2025 and December 31, 2024, the estimated fair values of the Company’s senior notes were determined based on an exit price approach using Level 2 inputs.2025 Term Loan FacilityOn June 26, 2025, the Company entered into a new $600 million senior unsecured term loan agreement (the “2025 Term Loan Facility”).  The 2025 Term Loan Facility will mature on June 26, 2028, and the loans thereunder are not subject to amortization and are not guaranteed or secured by any assets of the Company or any of its subsidiaries.  As of June 30, 2025, the Company had $600 million outstanding under the 2025 Term Loan Facility.  The fair value of the 2025 Term Loan Facility as of June 30, 2025, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.  Using the net proceeds from the 2025 Term Loan Facility, together with available cash, the Company repaid the $328.1 million term loan under the Existing Credit Agreement and the remaining $277.5 million of the Company’s unsecured five-year term loan (“the Five-Year Term Loan”) due October 7, 2027.Outstanding loans under the 2025 Term Loan Facility bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR, as defined in the 2025 Term Loan Facility, plus a margin of 1.00% to 1.50%, or (b) a Base Rate, as defined below, plus a margin of up to 0.50%.  The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the 2025 Term Loan Facility, plus