80.3 F
San Fernando
Tuesday, Dec 6, 2022
-Advertisement-

Tutor Perini to Raise $500 Million in Debt

Tutor Perini Corp. will sell $500 million worth of senior notes in a private offering, the company announced Monday. The Sylmar construction company said it will use the proceeds, as well as money from a new revolving credit facility, to redeem outstanding notes at 7.6 percent interest that are due in 2018. It will pay 100 percent face value for the notes. It also plans to pay off an existing term loan. The new notes are unsecured, but will be guaranteed by Tutor Perini subsidiaries. They will come due in 2024. Shares closed Monday up 10 cents or less than a percent to $19.25 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-