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Tutor Perini Corporation (TPC - Free Report) announced the offering of $125 million worth of Convertible Senior Notes due 2021 in a private offering to qualified institutional buyers, subject to market conditions on Jun 8.
The company intends to use the proceeds from this offering to repay a portion of the borrowings outstanding under its term loan and revolving credit facility. It will also pay fees and expenses related to the offering, and utilize the proceeds for general corporate purposes.
Tutor Perini expects to grant an option to the initial purchasers for up to an additional $18.75 million in aggregate principal amount of convertible notes. The notes will bear cash interest, payable semi-annually on Jun 15 and Dec 15, beginning Dec 15, 2016.
Tutor Perini has also unveiled the pricing of $175 million of 2.875% Convertible Senior Notes due 2021. The company granted an option to the initial purchasers for up to an additional $25 million of convertible notes.
These notes will be convertible into cash, shares or a combination thereof, at the company’s election, based on an initial conversion rate of 33.0579 shares of common stock per $1,000 principal amount.
These notes will bear an interest rate of 2.875% per annum, payable semi-annually on Jun 15 and Dec 15, beginning Dec 15, 2016. The convertible notes may be redeemed by the company under certain circumstances on or after Jun 15, 2019.
Tutor Perini intends to utilize the proceeds from this offering to repay $100 million of the borrowings outstanding under its term loan. The remainder of the net proceeds will be used to repay borrowings outstanding under its revolving credit facility, to pay fees and expenses related to the offering, and for general corporate purposes. The closing of the convertible notes is expected to take place on Jun 15, 2016, depending on customary closing conditions.
The rating agency, Moody's Corporation (MCO - Free Report) stated that Tutor Perini’s note offering and the credit facility amendment is credit positive. This news boosted Tutor Perini’s stock price over 5% to a close of $23.12 last Friday.
Sylmar, CA-based Tutor Perini Corporation is a leading civil and building construction company that offers diversified general contracting and design-build services to private clients and public agencies globally.
Tutor Perini currently sports a Zacks Rank #1 (Strong Buy). Some better-ranked stocks in the sector include Dycom Industries Inc. (DY - Free Report) and Simpson Manufacturing Co., Inc. (SSD - Free Report) . Both carry the same Zacks Rank as Tutor Perini.
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Tutor Perini (TPC) Offers & Prices Convertible Senior Notes
Tutor Perini Corporation (TPC - Free Report) announced the offering of $125 million worth of Convertible Senior Notes due 2021 in a private offering to qualified institutional buyers, subject to market conditions on Jun 8.
The company intends to use the proceeds from this offering to repay a portion of the borrowings outstanding under its term loan and revolving credit facility. It will also pay fees and expenses related to the offering, and utilize the proceeds for general corporate purposes.
Tutor Perini expects to grant an option to the initial purchasers for up to an additional $18.75 million in aggregate principal amount of convertible notes. The notes will bear cash interest, payable semi-annually on Jun 15 and Dec 15, beginning Dec 15, 2016.
Tutor Perini has also unveiled the pricing of $175 million of 2.875% Convertible Senior Notes due 2021. The company granted an option to the initial purchasers for up to an additional $25 million of convertible notes.
These notes will be convertible into cash, shares or a combination thereof, at the company’s election, based on an initial conversion rate of 33.0579 shares of common stock per $1,000 principal amount.
These notes will bear an interest rate of 2.875% per annum, payable semi-annually on Jun 15 and Dec 15, beginning Dec 15, 2016. The convertible notes may be redeemed by the company under certain circumstances on or after Jun 15, 2019.
Tutor Perini intends to utilize the proceeds from this offering to repay $100 million of the borrowings outstanding under its term loan. The remainder of the net proceeds will be used to repay borrowings outstanding under its revolving credit facility, to pay fees and expenses related to the offering, and for general corporate purposes. The closing of the convertible notes is expected to take place on Jun 15, 2016, depending on customary closing conditions.
The rating agency, Moody's Corporation (MCO - Free Report) stated that Tutor Perini’s note offering and the credit facility amendment is credit positive. This news boosted Tutor Perini’s stock price over 5% to a close of $23.12 last Friday.
Sylmar, CA-based Tutor Perini Corporation is a leading civil and building construction company that offers diversified general contracting and design-build services to private clients and public agencies globally.
Tutor Perini currently sports a Zacks Rank #1 (Strong Buy). Some better-ranked stocks in the sector include Dycom Industries Inc. (DY - Free Report) and Simpson Manufacturing Co., Inc. (SSD - Free Report) . Both carry the same Zacks Rank as Tutor Perini.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>