This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MasTec, Inc. Closes Offering Of $400.0 Million Of 4.875% Senior Notes Due 2023 And Announces Acceptance For Payment Of Early Tendered 7.625% Senior Notes Due 2017

Stocks in this article: MTZ

CORAL GABLES, Fla., March 18, 2013 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) announced today that it has closed its offering of $400 million aggregate principal amount of 4.875% Senior Notes due 2023 (the "New Notes").  The proceeds of the sale of the New Notes are being used to fund MasTec's previously announced cash tender offer (the "Tender  Offer") for any and all of its $150 million principal amount of 7.625% Senior Notes due 2017 (the "2017 Notes") and the related consent solicitation (the "Consent Solicitation"), as well as to fund the expected redemption of any 2017 Notes not tendered in the Tender Offer, and to repay the outstanding balance under its existing credit facility.  MasTec expects to use the remaining net proceeds for working capital and other general corporate purposes.  Pending such usage, MasTec expects to invest the proceeds in short term instruments.

Barclays, Morgan Stanley and SunTrust Robinson Humphrey acted as joint book-running managers of the New Notes offering.

MasTec also announced that it is today accepting for payment and making payment for 2017 Notes that were tendered by 5:00 p.m. Eastern Time on March 14, 2013 (the "Early Tender Deadline"), which payment will make effective certain amendments to the indenture governing the 2017 Notes (the "Indenture") that would eliminate substantially all of the restrictive covenants and related events of default contained therein and shorten the notice period for optional redemptions of the 2017 Notes.

The Tender Offer will expire at 11:59 p.m., Eastern Time, on March 28, 2013, unless extended or earlier terminated (the "Expiration Time"). Under the terms of the Tender Offer, holders who validly tender and do not validly withdraw their 2017 Notes after the Early Tender Deadline, but before the Expiration Time, are eligible to receive $997.92 per $1,000 principal amount of the 2017 Notes tendered.  Holders whose tendered 2017 Notes are accepted for purchase will also receive accrued and unpaid interest from, and including, the most recent interest payment date for the 2017 Notes, to, but not including, the applicable payment date for the 2017 Notes. 2017 Notes tendered after the Early Tender Deadline may not be withdrawn and the related consents may not be revoked.

If less than all of the 2017 Notes are tendered and accepted for purchase pursuant to the Tender Offer, MasTec expects to redeem the remaining outstanding 2017 Notes upon the terms and conditions set forth in the Indenture and satisfy and discharge its obligations under the Indenture, but MasTec is not obligated to do so.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs