Tutor Perini redeems $400M in notes, revamps credit facility

Tutor Perini Corporation (NYSE: TPC) completed the redemption of $400 million in aggregate principal amount of its 11.875% Senior Notes due April 30, 2029, according to a press release statement.

The company funded the redemption using net proceeds from a previously announced offering of $400 million in 6.625% Senior Notes due 2033, along with cash on hand. Both the redemption and the credit agreement changes were completed on July 2, 2026.

Tutor Perini also amended and restated its existing credit agreement, modifying its revolving credit facility in several ways. The maturity was extended to July 2, 2031, and the commitment size was increased from $170 million to $350 million. The Adjusted Term SOFR margin was reduced to a range of 1.75% to 2.50%, down from a previous range of 4.25% to 4.75%, and the base rate margin was reduced to a range of 0.75% to 1.50% from 3.25% to 3.75%. The amended agreement also replaced the maximum First Lien Net Leverage Ratio covenant with a maximum Total Net Leverage Ratio of 3.50 to 1.00 and a minimum cash Interest Coverage Ratio of 3.00 to 1.00.

Chief Financial Officer Ryan Soroka said the refinancing "extends our debt maturities, significantly reduces future interest expense, and more than doubles the size of our revolving credit facility while providing us with meaningfully improved terms."

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