MasTec gets tenders, consents for 80.75% of 7 5/8% notes by early date

By Susanna Moon

Chicago, March 15 - MasTec, Inc. said it had received tenders and consents for $121,125,000, or 80.75%, of its $150 million outstanding principal amount of 7 5/8% senior notes due 2017 by 5 p.m. ET on March 14, the early tender date.

Those early tendered notes will be settled on March 18, according to a company press release.

MasTec said it also received enough consents to amend the notes to eliminate substantially all of the restrictive covenants and related events of default.

When the proposed amendments become operative, the time required to send a notice of redemption to holders will be shortened to three days from 30 days, the release noted.

The company plans to call any outstanding notes that remain after the offer ends.

As noted before, the total purchase price will be $1,027.92 for each $1,000 principal amount of notes tendered by 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 continue until 11:59 p.m. ET on March 28. The offer began March 1.

The company also will pay accrued interest to but excluding the payment date.

Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.

Tendered notes may no longer be withdrawn.

The company previously said it would settle notes tendered after the early date promptly after the offer ends.

The tender offer is conditioned on obtaining financing.

MasTec priced an upsized $400 million issue of 10-year senior notes at par to yield 4 7/8% on March 6, as previously reported by Prospect News.

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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