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Tutor Perini to draw under new revolver to help fund note redemption
By Tali Rackner
Minneapolis, April 10 – Tutor Perini Corp. plans to use borrowings under a new revolving credit facility to repurchase its 7 5/8% senior notes due 2018 through a tender offering, according to a press release.
Proceeds from a new $500 million senior note offering will also be used to fund the transaction.
Any remaining proceeds will be used to pay off the company’s existing term loan and existing revolver.
Tutor Perini is a Sylmar, Calif.-based civil and building construction company.
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