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MasTec starts exchange offer for 4% convertibles, 4.25% convertibles
By Angela McDaniels
Tacoma, Wash., Nov. 24 - MasTec, Inc. began exchange offers for its 4% senior convertible notes due 2014 and 4.25% senior convertible notes due 2014, according to an S-4 filing with the Securities and Exchange Commission.
The company is offering new notes that have substantially similar terms, except the new notes will have an optional physical, cash or combination settlement feature and will contain some conditional conversion features.
For each $1,000 principal amount of convertibles exchanged, holders will receive $1,000 principal amount of new convertibles plus $2.50 in cash.
Interest on the new convertibles will accrue from the last date on which interest was paid on the old convertibles.
The exchange offers will end at 5 p.m. ET on Dec. 22.
The offer for the 4% convertibles is conditioned on the receipt of at least $86.25 million of 4% convertibles, and the offer for the 4.25% convertibles is conditioned on the receipt of at least $75 million of 4.25% convertibles. The offers are not conditioned on each other.
The company said it is offering to exchange the old convertibles in an attempt to minimize the potential dilution associated with conversions of them.
The dealer managers are Barclays Capital Inc. (212 528-7581) and Morgan Stanley & Co. Inc. (212 761-2527). The exchange agent is U.S. Bank NA (800 934-6802).
MasTec is a Coral Gables, Fla., telecommunications and energy infrastructure company.
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