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MasTec amends credit agreement to temporarily raise leverage ratio
By Wendy Van Sickle
Columbus, Ohio, Sept. 8 – MasTec, Inc. amended on Friday the maximum consolidated leverage ratio of its credit agreement dated Aug. 22, 2011 with Bank of America, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.
MasTec will now be permitted a maximum consolidated leverage ratio of 4.25 times from Sept. 30 through Sept. 29, 2016 and 4 times from Sept. 30, 2016 through Dec. 30, 2016; ratio will then revert to 3.5 times, which was the maximum ratio prior to the amendment.
The amendment also revises the calculation of consolidated EBITDA at Sept. 30 and Dec. 31 to permit MasTec to add back a greater amount of certain cash charges than previously permitted.
No other terms of the agreement were changed.
Coral Gables, Fla.-based MasTec is an infrastructure construction company.
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