Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 365

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 6
Chunk 365
---
 our 5.900% Senior Notes and $204 million of repayments made on our 6.625% Senior Notes.  Share repurchases totaled approximately $77 million for the six months ended June 30, 2025, whereas there were no share repurchases for the same period in 2024.  Additionally, payments of acquisition-related contingent consideration included within financing activities increased by $9 million.  Total payments of acquisition-related contingent consideration, including payments in excess of acquisition-date liabilities, which are classified within operating activities, totaled $19 million for the six months ended June 30, 2025 as compared with $5 million for the same period in 2024. 

Senior Credit Facility

On June 26, 2025, we amended and restated our senior unsecured credit facility (the “Credit Facility”), which matures on June 26, 2030 and is composed of $1.9 billion of revolving commitments.  As of June 30, 2025, aggregate outstanding revolving borrowings totaled approximately $47 million and availability for revolving loans totaled $1,833 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 financing to continue to operate, neither of which may be available to us on commercially reasonable terms, or at all.  The Credit Facility is subject to certain provisions and covenants, as more fully described in Note 6 – Debt in the notes to the consolidated financial statements, which is incorporated by reference.  

Senior Notes

Our senior notes include $600 million aggregate principal amount of 4.500% senior unsecured notes due August 15, 2028 (the “4.500% Senior Notes”), $550 million aggregate principal amount of 5.900% senior unsecured notes due June 15, 2029 (the “5.900% Senior Notes”) and $75 million aggregate principal amount of 6.625% senior unsecured notes due August 15, 2029 (the “6.625% Senior Notes”).  Our senior notes are