Tutor Perini Raises $200 Million

Sylmar’s construction firm Tutor Perini Corp. said it has closed on its $200 million private offering of convertible senior notes set to mature in 2021 and will use the money to repay debt and for other purposes. The offering and sale of the convertible notes to qualified institutional buyers closed June 15. The notes will yield a 2.875 percent annual interest rate and pay out twice a year on June 15 and December 15, beginning December 15, the company said. Under certain circumstances, the notes may be redeemed by the company on or after June 15, 2019, but otherwise will mature June 15, 2021 if they aren’t repurchased, redeemed or converted earlier. Tutor Perini said it plans to use the money it raised from the sale to pay back $125 million toward what is owed on a term loan and credit facility, and fees and expenses relating to the offering. The rest will also go to general corporate purposes. Shares closed down 7 cents or less than 1 percent to $22.76 on the New York Stock Exchange.