Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 314

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 6
Chunk 314
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Note 6 – Debt

The following table provides details of the carrying values of debt as of the periods indicated (in millions):DescriptionMaturity DateJune 30,2025December 31,2024Senior credit facility:June 26, 2030Revolving loans$47.0 $43.1 Term loan (a)— 332.5 4.500% Senior NotesAugust 15, 2028600.0 600.0 5.900% Senior NotesJune 15, 2029550.0 550.0 6.625% Senior NotesAugust 15, 202972.0 71.6 2025 Term Loan FacilityJune 26, 2028600.0 — Five-Year Term Loan Facility— 285.0 Finance lease and other obligations405.5 356.5 Total debt obligations$2,274.5 $2,238.7 Less unamortized deferred financing costs(17.0)(14.6)Total debt, net of deferred financing costs$2,257.5 $2,224.1 Current portion of long-term debt160.7 186.1 Long-term debt$2,096.8 $2,038.0 (a)    The term loan was terminated and fully repaid as of June 30, 2025, pursuant to the terms of the amended and restated senior unsecured credit facility, as described below.Senior Credit FacilityOn June 26, 2025, the Company entered into an amended and restated five-year, senior unsecured credit facility (the “Credit Facility”) replacing the November 1, 2021 senior unsecured credit facility (“Existing Credit Agreement”) that would otherwise have terminated on November 1, 2026.  The amendment, among other items, maintained revolving commitments of an aggregate amount of $1.9 billion, terminated the term loan under the Existing Credit Agreement, and extended the maturity of the senior secured credit facility from November 1, 2026 to June 26, 2030.  The amendment also eliminated certain restrictions on the ability of the Company to make distributions or repurchase capital stock, the requirement of the Company to maintain a minimum consolidated interest coverage ratio and certain other negative covenants.  All other material terms and conditions of the Credit Facility were substantially unchanged.  The Credit Facility allows the Company to borrow up to an aggregate equivalent amount