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MasTec begins tender offer, consent bid for $150 million 7 5/8% notes
By Susanna Moon
Chicago, March 1 - MasTec, Inc. said it began a cash tender offer and consent solicitation for its $150 million outstanding principal amount of 7 5/8% senior notes due 2017.
The total purchase price will be $1,027.92 for each $1,000 principal amount of notes tendered by 5 p.m. ET on March 14, the early tender deadline. The total payout includes an early tender payment of $30 per $1,000 of notes.
Those who tender after the early tender date will receive the base pay of $997.92 per $1,000 of notes.
The tender offer will end at 11:59 p.m. ET on March 28.
Holders will also receive accrued interest to but excluding the payment date.
Consents are being solicited to eliminate substantially all of the restrictive covenants and related events of default, according to a company press release.
The proposed amendments would allow the company to shorten the redemption notice period to three days from 30 days.
Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.
Tendered notes may be withdrawn by the earlier of the date of the execution of the supplemental indenture and the early tender deadline.
The company said it will settle early tendered notes before the offer ends and those tendered after the early date promptly after the offer ends.
The tender offer is conditioned on obtaining financing.
Barclays (800 438-3242 or collect 212 528-7581) is the dealer manager. D.F. King & Co., Inc. (800 769-4414 or banks and brokers 212 269-5550) is the tender agent and information agent.
The issuer is a Coral Gables, Fla., telecommunications and energy infrastructure company.
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