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MasTec offers to exchange 6.625% IEA notes due 2028, seeks consents
By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – MasTec, Inc. began a private offer to exchange any and all of the outstanding $300 million of 6.625% senior notes due Aug. 15, 2029 (Cusips: 45174AAA0, U4502YAA5 and 45174AAB8) issued by IEA Energy Services LLC, a subsidiary of Infrastructure and Energy Alternatives, Inc., for new notes with the same coupon and maturity date issued by MasTec, according to a news release.
The company is also soliciting consents from holders of the existing IEA notes to eliminate or modify certain of the covenants, restrictive provisions and events of default in the note indenture. The proposed amendments require the consents of holders of at least a majority in principal amount of the notes.
For each $1,000 principal amount of notes tendered at or prior to the consent revocation deadline, 5 p.m. ET on Aug. 19, which is also the early tender date, the company is offering $1,000 principal amount of the new notes and a consent payment of $2.50 in cash. This consideration includes an early tender premium of $50 of new notes per $1,000 principal amount.
Holders who tender after that deadline will receive $950 principal amount of the new notes per $1,000 principal amount.
The new exchange notes will be the general senior unsecured obligations of MasTec and will rank equally in right of payment with all of its existing and future unsecured debt.
The exchange offer and consent solicitation are open to qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S.
D.F. King & Co., Inc. (800 549-6864, 212 269-5550 or mastec@dfking.com) is the exchange agent and information agent.
Coral Gables, Fla.-based MasTec is an infrastructure construction company.
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