Tutor Perini Announces Results of Cash Tender Offer for its Outstanding 7⅝% Senior Notes Due 2018
April 17 2017 - 7:12PM
Business Wire
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a
leading civil and building construction company, today announced
the results of its previously announced cash tender offer (the
“Tender Offer”) to purchase any and all of its 7⅝% Senior Notes due
2018 (the “2018 Notes”) having an outstanding aggregate principal
amount of $300 million.
The Tender Offer expired at 5:00 p.m., New York City time, on
April 17, 2017. The Company has accepted for purchase approximately
$131.34 million (or approximately 43.78%) of the outstanding 2018
Notes. The Company will pay all holders of 2018 Notes accepted for
purchase in the tender offer $1,004.00 per $1,000.00 principal
amount of 2018 Notes validly tendered and accepted for purchase
plus accrued and unpaid interest to, but not including, the
settlement date, which is expected to be April 20, 2017.
The Company expects to fund the payment for the validly tendered
and accepted 2018 Notes with the net proceeds of previously
announced offering of $500.0 million aggregate principal amount of
senior notes due 2025 (the “New Notes”), which was priced at par on
April 12, 2017 with a coupon of 6.875%.
Goldman, Sachs & Co. is acting as the dealer manager for the
Tender Offer. The information agent and tender agent is D.F. King
& Co., Inc. Questions regarding the Tender Offer should be
directed to Goldman, Sachs & Co. at (800) 828-3182.
The terms and conditions of the Tender Offer are described in an
Offer to Purchase, dated April 10, 2017 (the “Statement”), which
has been sent to holders of the 2018 Notes. This press release is
not an offer to purchase or a solicitation of an offer to sell any
2018 Notes. The Tender Offer is being made only by, and pursuant to
the terms of, the Statement.
The New Notes and related guarantees were offered and sold only
to persons reasonably believed to be qualified institutional buyers
in reliance on Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”) or, outside the United States, to
persons other than “U.S. persons” in compliance with Regulation S
under the Securities Act. This press release does not constitute an
offer to sell or the solicitation of an offer to buy the New Notes
and related guarantees. The New Notes and related guarantees have
not been registered under the Securities Act, or the securities
laws of any other jurisdiction, and may not be offered or sold in
the United States without registration or an applicable exemption
from registration requirements.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building
construction company offering diversified general contracting and
design-build services to private clients and public agencies
throughout the world. We have provided construction services since
1894 and have established a strong reputation within our markets by
executing large complex projects on time and within budget while
adhering to strict quality control measures. We offer general
contracting, pre-construction planning and comprehensive project
management services, including the planning and scheduling of the
manpower, equipment, materials and subcontractors required for a
project. We also offer self-performed construction services
including excavation, concrete forming and placement, steel
erection, electrical and mechanical services, plumbing and HVAC. We
are known for our major complex building project commitments, as
well as our capacity to perform large and complex transportation
and heavy civil construction for government agencies and private
clients throughout the world.
Note Regarding Forward-Looking Statements
The statements contained in this release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, including without limitation, statements
regarding the Company’s intentions, expectations or beliefs
regarding the notes offering, the use of proceeds therefrom and the
Tender Offer. The Company’s current expectations and beliefs are
expressed in good faith and the Company believes there is a
reasonable basis for them. There can be no assurance, however, that
future developments affecting the Company will be those that the
Company has anticipated. These forward-looking statements involve a
number of risks, uncertainties (some of which are beyond the
Company’s control) or other assumptions that may cause actual
results to be materially different from those expressed or implied
by such forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170417005967/en/
Tutor Perini CorporationJorge Casado, 818-362-8391Vice
President, Investor Relations & Corporate
Communicationswww.tutorperini.com
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