Tutor Perini prices $400M in senior notes to refinance debt

Tutor Perini Corporation (NYSE: TPC) has priced $400 million in 6.625% senior notes due 2033 in a private offering, according to a press release from the construction company.

The notes, which will be senior unsecured obligations guaranteed by the company's wholly owned domestic subsidiaries, are expected to close on or about July 2, 2026, subject to customary closing conditions.

The company intends to use the proceeds, along with cash on hand, to redeem $400 million of its existing 11.875% senior notes due April 30, 2029, covering related premiums, accrued interest, and fees. Any proceeds not immediately needed for the redemption may be held in cash, cash equivalents, or short-term investments.

The notes are being offered 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 publicly offered or sold in the United States without registration or an applicable exemption.

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