Tutor Perini Corporation redeemed US$400,000,000 of 11.875% Senior Notes due 2029 using proceeds from a new 6.625% Senior Notes due 2033 issuance and cash on hand, while also amending and extending its revolving credit facility to July 2, 2031 with higher commitments and lower interest margins. A Philadelphia court issued an additional US$42,400,000 judgment against Tutor Perini for breaches of contract on the W and Element hotel project. The refinancing lowers interest costs and boosts liquidity, giving the company more room to absorb litigation costs and working capital swings. The new judgment adds to the legal overhang and could weigh on near-term sentiment, though execution on large projects remains the more immediate swing factor for earnings.
Tutor Perini CorporationRefinancing at lower interest rate improves financial position and liquidity
AT&T Inc.