Perini Corporation Announces Withdrawal of Private Offering of Senior Notes
May 31 2006 - 5:16PM
Business Wire
Perini Corporation (NYSE:PCR) today announced the withdrawal of the
private placement of $100 million of Senior Notes previously
announced on May 22, 2006. Ronald N. Tutor, Chairman and Chief
Executive Officer, said, "The decision to withdraw the offering was
based on careful consideration of several factors, including the
negative perception of the proposed issue by the equity market. The
offering was intended to provide us with additional borrowing
capacity and future assurance on favorable terms but was not
necessary for our short-term requirements, and given our strong
balance sheet and positive business outlook our decision to
withdraw it at this time is not expected to have any impact on our
ability to meet our future liquidity needs." Forward-Looking
Statements This announcement includes forward-looking statements,
including Perini Corporation's plans regarding the issuance of the
Notes. Perini Corporation has based these forward-looking
statements on its current expectations and projections about future
events. Although Perini Corporation believes that its assumptions
made in connection with the forward-looking statements are
reasonable, no assurances can be given that its assumptions and
expectations will prove to have been correct.. These
forward-looking statements are subject to various risks,
uncertainties and assumptions. Among the factors affecting these
statements are the market for alternative credit facilities, and
our future liquidity needs Perini Corporation undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. In light of these risks, uncertainties and
assumptions, the forward-looking events discussed in this
announcement might not occur.
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