New Issue: MasTec sells upsized $400 million 10-year notes at par to yield 4 7/8%

By Paul A. Harris

Portland, Ore., March 6 - MasTec, Inc. priced an upsized $400 million issue of 10-year senior notes (Ba3/BB-/) at par to yield 4 7/8% on Wednesday, according to a syndicate source.

The yield printed at the tight end of yield talk that was set in the 5% area.

Barclays was the left lead bookrunner for the deal, which was upsized from $350 million. Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey Inc. were joint bookrunners.

The Coral Gables, Fla.-based infrastructure construction company plans to use the proceeds to fund the repurchase of $150 million of its 7 5/8% senior notes due 2017, to repay the outstanding balance under its existing credit facility and for general corporate purposes.

Issuer:	MasTec, Inc.
Amount:	$400 million, increased from $350 million
Maturity:	March 15, 2023
Securities:	Senior notes
Left bookrunner:	Barclays
Joint bookrunners:	Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc.
Co-managers:	FBR Capital Markets, KeyBanc Capital Markets, Stifel Nicolaus & Co. Inc.
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	293 bps
Call features:	Make-whole call at Treasuries plus 50 bps until March 15, 2018, then callable at 102.438, 101.625, 100.813, par on and after March 15, 2021
Equity clawback:	35% at 104.875 until March 15, 2016
Trade date:	March 6
Settlement date:	March 18
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
Distribution:	SEC registered
Price talk:	5% area
Marketing:	Roadshow

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