MasTec to redeem part of 7¾% notes due 2008 with stock offering proceeds

By Ted A. Knutson

Washington, Nov. 18 - MasTec, Inc. said it would use $75 million to $100 million of a planned follow-on offering of common stock to redeem a portion of the company's 7¾% senior subordinated notes due February 2008.

MasTec estimated gross proceeds from the stock offering at $150 million, according to an S-1 filing with the Securities and Exchange Commission.

Morgan Stanley and Friedman Billings Ramsey are joint book-running managers. The other underwriters are Needham & Co. LLC and Kaufman Bros., LP.

MasTec had $195.94 million of the 7¾% notes outstanding as of Sept. 30, according to the company's S-1 registration statement.

Coral Gables, Fla.-based MasTec builds utility and communications infrastructure systems.

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