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Sunday, Apr 14, 2024

Tutor Perini Offers to Buy Back Debt

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.

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.

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