Moody's gives MasTec notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to MasTec, Inc.'s proposed senior unsecured notes due 2023.

Note proceeds will be used to fund the proposed redemption of MasTec's 7 5/8% senior notes, to repay outstanding balances under the revolving credit facility and for other general corporate purposes.

In addition, Moody's assigned a provisional Ba3 rating to MasTec's senior unsecured shelf.

The outlook is stable.

"The proposed issuance of $400 million of senior notes will extend the maturity profile of MasTec's debt, at a more competitive coupon, and provide incremental liquidity to the company in the form of excess balance sheet cash and increased availability under its revolver to fund future convertible debt maturities and/or business acquisitions," Moody's analyst Harman Saggu said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.