Tutor Perini greenshoe lifts 2.875% convertible sale to $200 million

By Tali Rackner

Norfolk, Va., June 15 – Underwriters for Tutor Perini Corp.'s offering of 2.875% convertible senior notes due 2021 exercised their over-allotment option in full for $25 million more of the convertibles, increasing the size of the issue to $200 million, according to a press release.

As previously reported, the company priced an upsized $175 million of the five-year convertibles on June 9.

The initial conversion price is $30.25.

Goldman Sachs & Co. and SunTrust Robinson Humphrey Inc. are joint bookrunners for the Rule 144A offering.

The notes are non-callable for three years and then become provisionally callable subject to the stock trading above 130% of the conversion price. There are no investor puts, and the notes will be settled in shares or cash or a combination of shares and cash.

Proceeds are being used to repay a portion of borrowings outstanding on bank facilities, including the company’s term loan and revolving credit facility and for general corporate purposes.

In connection with the offering, the company entered into a consent and second amendment to its credit facility, amending certain covenants to permit the company to perform its obligations under the convertible notes.

Los Angeles-based Tutor Perini is a general contracting and construction management company.

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