New York, June 10, 2016 -- Moody's Investor Service said that Tutor Perini Corporation (Ba3 negative) has priced $175 million of Convertible Senior Notes due 2021 (unrated) and has granted an option for up to an additional $25 million. The notes will bear interest at a rate of 2.875% per annum. 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 and to pay fees and expenses. In anticipation of the note offering, the company recently amended its credit facility which enabled it to reduce its interest costs and obtain some relief on required near term debt payments. Moody's views the note offering and the credit facility amendment as credit positive.

Vollständigen Artikel bei Moodys lesen