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Tutor Perini Completes Redemption of $500 Million of Senior Notes

LOS ANGELES, May 02, 2024--(BUSINESS WIRE)--Tutor Perini Corporation (NYSE: TPC) (the "Company"), a leading civil, building and specialty construction company, announced today that it has completed the redemption of $500 million aggregate principal amount of the Company’s 6.875% Senior Notes due May 1, 2025 (the "2025 Notes").

The Company funded the payment for the redemption of the 2025 Notes with the net proceeds of its previously announced offering of $400 million in aggregate principal amount of 11.875% Senior Notes due 2029, together with cash on hand.

Tutor Perini’s President, Gary Smalley, commented, "We are pleased with the significant progress we have made in reducing our debt by nearly $200 million since the end of last year and in the successful completion of our recent refinancing. We remain committed to de-leveraging and will continue to use our excess cash for that purpose over the near term."

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The refinancing transaction was led by Goldman Sachs & Co. LLC.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers 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 planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC).

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, as amended. These forward-looking statements are based on the Company’s current expectations, beliefs and projections concerning future developments and their potential effects on the Company. While the Company’s expectations and beliefs are expressed in good faith and the Company believes there is a reasonable basis for them, these statements are not statements of historical fact or guarantees of future performance and there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements, including risks and uncertainties discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 28, 2024 and in other reports that we file with the Securities and Exchange Commission from time to time. 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 securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240502581820/en/

Contacts

Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations and Corporate Communications