Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 629

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 629
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ations, 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 with its surety provider, as well as customary remedies, including the acceleration of repayment of outstanding amounts and other remedies.Other Credit Facilities.  The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances.  Borrowings under the Company’s foreign credit facilities, which have varying dates of maturity and are generally renewed on an annual basis, are denominated in Canadian dollars.  Maximum borrowing capacity under these credit facilities totaled Canadian $20.0 million as of both December 31, 2024 and 2023, or approximately $13.9 million and $15.1 million, respectively.  There were no outstanding borrowings under the Company’s other credit facilities as of either December 31, 2024 or 2023.  Outstanding borrowings that are not renewed are repaid with borrowings under the Credit Facility.  Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities, if any, are included within other debt obligations in the table above and classified within long-term debt in the Company’s consolidated balance sheets.  Additionally, the Company has a separate credit facility, which is renewable on an annual basis, under which it may issue up to $50.0 million of performance standby letters of credit.  As of December 31, 2024 and 2023, letters of credit issued under this facility totaled $17.4 million and $17.2 million, respectively, which accrued fees at 0.75% and 0.90% per annum, respectively.  The Company’s other credit facilities are subject to customary provisions and covenants.4.500% Senior NotesThe Company has $600 million aggregate principal amount of senior unsecured notes due August 15, 2028, which bear interest at a rate of 4.500% (the “4.500% Senior Notes”), which were issued at par in a private offering.  Interest on the 4.500% Senior Notes is payable semiannually in arrears on February 15 and August 15 of each year.  As of December 31