Tutor Perini Corporation announced the amendment of its Credit Agreement, dated August 18, 2020, to modify the spring-forward maturity provision and provide the Company with additional financial flexibility. As previously disclosed by the Company, if any of the Company?s 6.875% Senior Notes due May 1, 2025 (the ?Senior Notes?) are outstanding on January 30, 2025, the spring-forward maturity provision of the Credit Agreement would have caused the maturity dates of both the Term Loan B Facility and the Revolver to accelerate from August 18, 2025 (for the Revolver) and August 18, 2027 (for the Term Loan B Facility) to January 30, 2025. As of December 20, 2023, the Company had $368.2 million outstanding under the Term Loan B Facility, no balance outstanding under the Revolver and $500 million of Senior Notes outstanding.

The amendment, which became effective on December 20, 2023, modifies this spring-forward maturity provision in respect of the portion of the Term Loan B Facility held by lenders that consented to the amendment. As modified, the spring-forward maturity date for the portion of the Term Loan B Facility held by consenting lenders will not occur until April 21, 2025, if any of the Senior Notes are outstanding on that date. Lenders holding approximately 89.8% of the aggregate principal amount outstanding under the Term Loan B Facility have consented to the amendment.

Under the amendment, each consenting lender was paid a fee of 0.50% of the aggregate principal amount of the portion of the Term Loan B Facility that it holds. Perella Weinberg Partners LP led the amendment process for the Company. The Company also announced that it has entered into an agreement with Goldman Sachs & Co.

LLC to assist with the refinancing of the Senior Notes in early 2024. The Company is considering using a portion of its current and expected cash balances to repay debt or assist in the refinancing efforts.