LOS ANGELES--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil
and building construction company, today announced the results of its
previously announced cash tender offer (the “Tender Offer”) to purchase
any and all of its 7⅝% Senior Notes due 2018 (the “2018 Notes”) having
an outstanding aggregate principal amount of $300 million.
The Tender Offer expired at 5:00 p.m., New York City time, on April 17,
2017. The Company has accepted for purchase approximately $131.34
million (or approximately 43.78%) of the outstanding 2018 Notes. The
Company will pay all holders of 2018 Notes accepted for purchase in the
tender offer $1,004.00 per $1,000.00 principal amount of 2018 Notes
validly tendered and accepted for purchase plus accrued and unpaid
interest to, but not including, the settlement date, which is expected
to be April 20, 2017.
The Company expects to fund the payment for the validly tendered and
accepted 2018 Notes with the net proceeds of previously announced
offering of $500.0 million aggregate principal amount of senior notes
due 2025 (the “New Notes”), which was priced at par on April 12, 2017
with a coupon of 6.875%.
Goldman, Sachs & Co. is acting as the dealer manager for the Tender
Offer. The information agent and tender agent is D.F. King & Co., Inc.
Questions regarding the Tender Offer should be directed to Goldman,
Sachs & Co. at (800) 828-3182.
The terms and conditions of the Tender Offer are described in an
Offer to Purchase, dated April 10, 2017 (the “Statement”), which has
been sent to holders of the 2018 Notes. This press release is not an
offer to purchase or a solicitation of an offer to sell any 2018 Notes.
The Tender Offer is being made only by, and pursuant to the terms of,
The New Notes and related guarantees were offered and sold only to
persons reasonably believed to be qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”) or, outside the United States, to persons other than
“U.S. persons” in compliance with Regulation S under the Securities Act.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the New Notes and related guarantees.
The New Notes and related guarantees have not been registered under the
Securities Act, or the securities laws of any other jurisdiction, and
may not be offered or sold in the United States without registration or
an applicable exemption from registration requirements.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building construction
company offering diversified general contracting and design-build
services to private clients and public agencies throughout the world. We
have provided construction services since 1894 and have established a
strong reputation within our markets by executing large complex projects
on time and within budget while adhering to strict quality control
measures. We offer general contracting, pre-construction planning and
comprehensive project management services, including the planning and
scheduling of the manpower, equipment, materials and subcontractors
required for a project. We also offer self-performed construction
services including excavation, concrete forming and placement, steel
erection, electrical and mechanical services, plumbing and HVAC. We are
known for our major complex building project commitments, as well as our
capacity to perform large and complex transportation and heavy civil
construction for government agencies and private clients throughout the
Note Regarding Forward-Looking Statements
The statements contained in this release that are not purely historical
are forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of 1934,
including without limitation, statements regarding the Company’s
intentions, expectations or beliefs regarding the notes offering, the
use of proceeds therefrom and the Tender Offer. The Company’s current
expectations and beliefs are expressed in good faith and the Company
believes there is a reasonable basis for them. There can be no
assurance, however, that future developments affecting the Company will
be those that the Company has anticipated. These forward-looking
statements involve a number of risks, uncertainties (some of which are
beyond the Company’s control) or other assumptions that may cause actual
results to be materially different from those expressed or implied by
such forward-looking statements. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be
required under applicable law.
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Source: Tutor Perini Corporation