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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the applicable payment date for the 2017 Notes. 2017 Notes tendered after the Early Tender Deadline may not be withdrawn and the related consents may not be revoked.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.

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