MasTec gets new $250 million term loan A with Bank of America

By Jennifer Chiou

New York, Nov. 24 – MasTec, Inc. entered into an amendment to its credit agreement with Bank of America, NA as administrative agent, under which lenders extended to MasTec a new $250 million term loan A, according to an 8-K filing with the Securities and Exchange Commission.

MasTec stated that it entered into the amendment in connection with its previously announced evaluation of its debt structure, which was intended to ensure ample liquidity and financial flexibility to pursue growth opportunities.

With the new term loan, aggregate commitments under the credit agreement total $1.25 billion.

The term loan will mature on Nov. 21, 2019. It is subject to amortization in quarterly principal installments of $3,125,000, beginning at the quarter ending March 31, 2016.

All proceeds were used to repay certain other outstanding indebtedness under the credit agreement, the filing noted.

Coral Gables, Fla.-based MasTec is an infrastructure construction company.

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