Tutor Perini to Raise $125 Million in Convertible Notes

Tutor Perini Corp. on Wednesday announced it is offering $125 million in convertible senior notes, which will mature in 2021. The bonds will be sold in a private offering to qualified institutional buyers and will be convertible into cash, common stock or a combination of the two. The Sylmar construction company is also allotting an oversubscription of an additional $18.75 million of convertible notes, which will pay interest semi-annually beginning Dec. 15. Tutor Perini will use the proceeds from the offering for corporate purposes and to pay back some of its term loan and revolving credit facility. Additionally, the construction firm has entered into a consent and second amendment with the credit facility, which will allow the company to carry out its obligations under the notes. Shares closed up 17 cents or less than 1 percent to $23.21 on the New York Stock Exchange.