Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 258

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 6
Chunk 258
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 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 estimated fair value totaled approximately $563.9 million and $558.8 million, respectively.  As of March 31, 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 $71.8 million and $71.6 million, respectively, and their estimated fair value approximated their carrying value for both respective periods.  As of March 31, 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.Five-Year Term Loan FacilityAs of March 31, 2025, the Company had $281.3 million outstanding under an unsecured five-year term loan (the “Five-Year Term Loan”), for which the original principal amount totaled $300.0 million.  The Five-Year Term Loan is subject to amortization in quarterly principal installments of approximately $3.75 million, which installments commenced on March 31, 2024 and will increase to $7.5 million on March 31, 2026 

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until maturity, subject to the application of certain prepayments.  As of March 31, 2025 and December 31, 2024, the Five-Year Term Loan accrued interest at rates of 5.797% and 6.253%, respectively.  The fair value of the Five-Year Term Loan as of both March 31, 2025 and December 31, 2024, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.Debt CovenantsMasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both March 31, 2025 and December 31, 2024