Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 131

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 4
Chunk 131
---
 activities of $351 million in 2023, for an increase in cash used in financing activities of approximately $739 million. The increase was primarily due to repayments, net of borrowings, of our credit facility and term loans, which increased by $1,022 million for the year ended December 31, 2024 as compared with the same period in 2023, and the payment of $224 million upon the repurchase and redemption in full of our 6.625% IEA Senior Notes.  Payments of acquisition-related contingent consideration included within financing activities totaled $25 million in 2024 as compared to $22 million in 2023.  Total payments of acquisition-related contingent consideration, including payments in excess of acquisition-date liabilities, which are classified within operating activities, totaled $26 million in 2024 as compared with $39 million in 2023.  Additionally, cash payments for acquisition-related contingent assets related to the 2021 acquisition of HMG totaled approximately $12 million in 2024, whereas in 2023, there were no payments.  Payments to holders of our non-controlling interests increased by $18 million in 2024 as compared with 2023, primarily related to distributions to minority interest holders.  The above described increases in cash used in financing activities were offset, in part, by $550 million of net proceeds received from the issuance of our 5.900% Senior Notes in the second quarter of 2024. 

Senior Credit Facility 

We have a $2.25 billion senior unsecured credit facility (as amended from time to time, the “Credit Facility”), which is composed of $1.9 billion of revolving commitments and a Term Loan with an original principal amount of $350 million, and matures on November 1, 2026.  As of December 31, 2024, aggregate outstanding revolving borrowings totaled approximately $43.1 million and availability for revolving loans totaled $1,793 million.  Borrowings under our Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including acquisitions, equity investments or other strategic arrangements, and/or the repurchase or prepayment of indebtedness, among other corporate borrowing requirements, including potential share repurchases.

We are dependent upon borrowings and letters of credit under our Credit Facility to fund our operations.  Should we be unable to comply with the terms and conditions of our Credit Facility, we would be required to obtain modifications to the Credit Facility or obtain an alternative source of