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.