Tutor Perini Corporation (NYSE: TPC) announced a private offering of $400 million in aggregate principal amount of senior notes due 2033, according to a company statement.

The notes will be senior unsecured obligations of the company, guaranteed by each of its wholly owned domestic subsidiaries that guarantee its revolving credit facility.

The company said it intends to use the net proceeds, together with cash on hand, to redeem $400 million in aggregate principal amount of its existing 11.875% Senior Notes due April 30, 2029. Proceeds will also cover related premiums, accrued interest, and fees and expenses tied to that redemption.

The notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, and outside the United States under Regulation S. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.