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MasTec extends exchange offer for 4%, 4.25% convertibles, ups fee
By Angela McDaniels
Tacoma, Wash., Dec. 22 - MasTec, Inc. extended the exchange offers for its 4% senior convertible notes due 2014 and 4.25% senior convertible notes due 2014 to midnight ET on Jan. 6 from Dec. 22, according to a company news release.
The company also increased the exchange offer fee. For each $1,000 principal amount of convertibles exchanged, holders will receive $1,000 principal amount of new convertibles plus $5.00 in cash, increased from $2.50.
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.
Interest on the new convertibles will accrue from the last date on which interest was paid on the old convertibles.
Each offer is conditioned on the receipt of at least $25 million of convertibles. The offers are not conditioned on each other.
On Dec. 15, the company lowered the minimum tender condition. Originally, the offer for the 4% convertibles was conditioned on the receipt of at least $86.25 million of 4% convertibles, and the offer for the 4.25% convertibles was conditioned on the receipt of at least $75 million of 4.25% convertibles.
As of 5 p.m. ET on Dec. 22, holders had tendered $33,229,000 of the 4% convertibles and $38,821,000 of the 4.25% convertibles.
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 offers began Nov. 24.
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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