Tutor Perini Offers to Buy Back DebtMonday, April 10, 2017
Tutor Perini Corp. announced Monday a tender offer to pay cash for its senior note debt instruments that expire in 2018.
Investors hold notes for the Sylmar construction company with a principal amount of $300 million. According to the offer, the company will pay $1.002 for every $1,000 principal amount of the notes tendered. The notes pay an interest rate of 7.63 percent.
The offer will expire April 17.
Goldman Sachs Group Inc. is the dealer manager for the offer. Neither Tutor Perini nor Goldman Sachs is making a recommendation to note holder regarding the offer.
Shares of Tutor Perini (TPC) closed Monday down 15 cents, or a fraction of a percent, to $32.10 on the New York Stock Exchange.