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Moody’s rates Tutor Perini notes B1
Moody's Investors Service said it assigned a B1 rating to Tutor Perini Corp.’s proposed $500 million senior unsecured notes due 2024.
The company plans to use the proceeds along with borrowings under a new revolving credit facility, to redeem its outstanding 7 5/8% senior notes due November 2018, to pay off its existing term loan and existing revolver and to pay related transaction fees and expenses related to the offering.
The refinancing will extend the company's nearest debt maturity to 2021 from 2018 and will result in annual cash interest savings of about $15 million to $20 million.
Tutor Perini's Ba3 corporate family rating, Ba3-PD probability of default rating, the B1 rating on its existing senior unsecured notes, its speculative grade liquidity rating of SGL-3 and its negative outlook remain unchanged.
The rating on the existing senior unsecured notes will be withdrawn once the refinancing is completed.
Moody’s said the Ba3 corporate family rating is supported by Tutor Perini’s meaningful scale, good market position, diversity across a number of U.S. non-residential building and civil infrastructure construction segments, and its near-term revenue visibility due to favorable booking trends and a backlog of about 1.5 times trailing-12-month revenues.
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