{"success":true,"data":{"pressRelease":{"id":"80937","rtpr_id":"nBw3x3wPNa","ticker":"TPC","exchange":"NYSE","all_tickers":["TPC"],"title":"Tutor Perini Completes Redemption of $400 Million of Senior Notes and Amendment and Restatement of Credit Agreement","author":"Business Wire","published_at":"2026-07-06T13:00:01.580Z","article_body":"Tutor Perini Completes Redemption of $400 Million of Senior Notes and\nAmendment and Restatement of Credit Agreement\n\nTutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil,\nbuilding and specialty construction company, announced today that it has\ncompleted the redemption of $400 million aggregate principal amount of the\nCompany’s 11.875% Senior Notes due April 30, 2029 (the “2029 Notes”).\n\nThe Company funded the redemption of the 2029 Notes with the net proceeds of\nits previously announced offering of $400 million in aggregate principal\namount of 6.625% Senior Notes due 2033, together with cash on hand.\n\nThe Company also entered into an amendment and restatement of its existing\ncredit agreement that modified the terms of the existing revolving credit\nfacility, including (a) extending the maturity of the Revolving Credit\nFacility to July 2, 2031, (b) increasing the commitments under the Revolving\nCredit Facility from $170.0 million to $350.0 million, (c) reducing the\nAdjusted Term Secured Overnight Financing Rate (SOFR) margin to a range\nbetween 1.75% and 2.50% based on a Total Net Leverage Ratio (compared to the\nprevious range between 4.25% and 4.75% based on a First Lien Net Leverage\nRatio) and eliminating the credit spread adjustment (10 bps), (d) reducing the\nbase rate margin to a range between 0.75% and 1.50% based on a Total Net\nLeverage Ratio (compared to the previous range between 3.25% and 3.75% based\non a First Lien Net Leverage Ratio), and (e) replacing the maximum First Lien\nNet Leverage Ratio financial maintenance covenant (of 2.25 to 1.00) with (1) a\nmaximum Total Net Leverage Ratio of 3.50 to 1.00 and (2) a minimum cash\nInterest Coverage Ratio of 3.00 to 1.00. Capitalized terms used but not\ndefined herein have the meanings ascribed to such terms in the amended and\nrestated credit agreement, as filed as an exhibit to the Company’s Form 8-K\ndated July 6, 2026.\n\nThe redemption of the 2029 Notes and the amendment and restatement of the\ncredit agreement were both completed on July 2, 2026.\n\nTutor Perini’s Chief Financial Officer, Ryan Soroka, remarked, “We are\npleased with the tremendous progress we continue to make, returning the\nCompany to strong profitability, growing our backlog to new record levels, and\ngenerating record cash flows that have enabled us to substantially deleverage\nour balance sheet. This has enabled us to successfully complete our recent\nrefinancing, which extends our debt maturities, significantly reduces future\ninterest expense, and more than doubles the size of our revolving credit\nfacility while providing us with meaningfully improved terms.”\n\nAbout Tutor Perini Corporation\n\nTutor Perini Corporation is a leading civil, building and specialty\nconstruction company offering diversified general contracting and design-build\nservices to private customers and public agencies throughout the world. We\nhave provided construction services since 1894 and have established a strong\nreputation within our markets by executing large, complex projects on time and\nwithin budget while adhering to strict safety and quality control measures. We\noffer general contracting, pre-construction planning and comprehensive project\nmanagement services, and have strong expertise in delivering design-bid-build,\ndesign-build, construction management, and public-private partnership (P3)\nprojects. We often self-perform multiple project components, including\nearthwork, excavation, concrete forming and placement, steel erection,\nelectrical, mechanical, plumbing, heating, ventilation and air conditioning\n(HVAC), and fire protection.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260701487216/en/\n(https://www.businesswire.com/news/home/20260701487216/en/)\n\nTutor Perini Corporation\n\nJorge Casado, 818-362-8391\n\nSenior Vice President, Investor Relations and Corporate Communications\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw3x3wPNa","title":"Tutor Perini Completes Redemption of $400 Million of Senior Notes and Amendment and Restatement of Credit Agreement","author":"Business Wire","ticker":"TPC","created":"2026-07-06T13:00:01.580Z","tickers":["TPC"],"exchange":"NYSE","article_body":"Tutor Perini Completes Redemption of $400 Million of Senior Notes and\nAmendment and Restatement of Credit Agreement\n\nTutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil,\nbuilding and specialty construction company, announced today that it has\ncompleted the redemption of $400 million aggregate principal amount of the\nCompany’s 11.875% Senior Notes due April 30, 2029 (the “2029 Notes”).\n\nThe Company funded the redemption of the 2029 Notes with the net proceeds of\nits previously announced offering of $400 million in aggregate principal\namount of 6.625% Senior Notes due 2033, together with cash on hand.\n\nThe Company also entered into an amendment and restatement of its existing\ncredit agreement that modified the terms of the existing revolving credit\nfacility, including (a) extending the maturity of the Revolving Credit\nFacility to July 2, 2031, (b) increasing the commitments under the Revolving\nCredit Facility from $170.0 million to $350.0 million, (c) reducing the\nAdjusted Term Secured Overnight Financing Rate (SOFR) margin to a range\nbetween 1.75% and 2.50% based on a Total Net Leverage Ratio (compared to the\nprevious range between 4.25% and 4.75% based on a First Lien Net Leverage\nRatio) and eliminating the credit spread adjustment (10 bps), (d) reducing the\nbase rate margin to a range between 0.75% and 1.50% based on a Total Net\nLeverage Ratio (compared to the previous range between 3.25% and 3.75% based\non a First Lien Net Leverage Ratio), and (e) replacing the maximum First Lien\nNet Leverage Ratio financial maintenance covenant (of 2.25 to 1.00) with (1) a\nmaximum Total Net Leverage Ratio of 3.50 to 1.00 and (2) a minimum cash\nInterest Coverage Ratio of 3.00 to 1.00. Capitalized terms used but not\ndefined herein have the meanings ascribed to such terms in the amended and\nrestated credit agreement, as filed as an exhibit to the Company’s Form 8-K\ndated July 6, 2026.\n\nThe redemption of the 2029 Notes and the amendment and restatement of the\ncredit agreement were both completed on July 2, 2026.\n\nTutor Perini’s Chief Financial Officer, Ryan Soroka, remarked, “We are\npleased with the tremendous progress we continue to make, returning the\nCompany to strong profitability, growing our backlog to new record levels, and\ngenerating record cash flows that have enabled us to substantially deleverage\nour balance sheet. This has enabled us to successfully complete our recent\nrefinancing, which extends our debt maturities, significantly reduces future\ninterest expense, and more than doubles the size of our revolving credit\nfacility while providing us with meaningfully improved terms.”\n\nAbout Tutor Perini Corporation\n\nTutor Perini Corporation is a leading civil, building and specialty\nconstruction company offering diversified general contracting and design-build\nservices to private customers and public agencies throughout the world. We\nhave provided construction services since 1894 and have established a strong\nreputation within our markets by executing large, complex projects on time and\nwithin budget while adhering to strict safety and quality control measures. We\noffer general contracting, pre-construction planning and comprehensive project\nmanagement services, and have strong expertise in delivering design-bid-build,\ndesign-build, construction management, and public-private partnership (P3)\nprojects. We often self-perform multiple project components, including\nearthwork, excavation, concrete forming and placement, steel erection,\nelectrical, mechanical, plumbing, heating, ventilation and air conditioning\n(HVAC), and fire protection.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260701487216/en/\n(https://www.businesswire.com/news/home/20260701487216/en/)\n\nTutor Perini Corporation\n\nJorge Casado, 818-362-8391\n\nSenior Vice President, Investor Relations and Corporate Communications\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-07-06T13:00:01.629136397Z","server_sent_at_ms":1783342801629},"received_at":"2026-07-06T13:00:01.695Z","source_url":"https://www.businesswire.com/news/home/20260701487216/en/"},"analysis":{"id":"70051","press_release_id":"80937","analysis_json":{"industry":{"label":"Construction & Engineering","sector":"Industrials"},"redFlags":[],"eventType":"debt_offering","narrative":"Tutor Perini redeemed $400 million of its 11.875% Senior Notes due 2029, funded by proceeds from a new $400 million offering of 6.625% Senior Notes due 2033.\n\nThe company also amended its credit agreement, extending the revolver maturity to 2031, doubling capacity to $350 million, and slashing interest rate margins.\n\nCFO Ryan Soroka highlighted that the transactions extend debt maturities and materially reduce interest expense, supported by record cash flows and backlog growth.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Tutor Perini slashes interest costs and doubles liquidity via debt refinancing."},"keyFigures":{"dealValueUsd":400000000,"customDimensions":{"new_note_rate":"6.625%","old_note_rate":"11.875%","sofr_margin_new":"1.75% - 2.50%","base_rate_margin_new":"0.75% - 1.50%","revolver_commitment_new":"$350.0 million","revolver_commitment_old":"$170.0 million"}},"quotedText":"We are pleased with the tremendous progress we continue to make, returning the Company to strong profitability, growing our backlog to new record levels, and generating record cash flows that have enabled us to substantially deleverage our balance sheet.","namedEntities":{"people":[{"name":"Ryan Soroka","role":"Chief Financial Officer"},{"name":"Jorge Casado","role":"Senior Vice President, Investor Relations and Corporate Communications"}],"products":[],"companies":[{"name":"Tutor Perini Corporation","ticker":"TPC"}],"dollarAmounts":[{"amount":"$400 million","context":"redemption of 2029 Notes"},{"amount":"$400 million","context":"offering of 6.625% Senior Notes"},{"amount":"$170.0 million","context":"prior Revolving Credit Facility commitments"},{"amount":"$350.0 million","context":"new Revolving Credit Facility commitments"}]},"materialImpact":{"score":4,"reasoning":"Company refinanced high-cost debt (11.875% to 6.625%), extended maturities, and doubled its revolving credit facility capacity while cutting interest margins significantly. This materially strengthens the balance sheet and reduces future interest expense."},"tickerRelevance":{"others":[],"primary":"TPC"},"globalImportance":25,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"material_refinancing","sectorWeight":"Industrials"}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"Tutor Perini redeemed $400 million of its 11.875% Senior Notes due 2029, funded by proceeds from a new $400 million offering of 6.625% Senior Notes due 2033.\n\nThe company also amended its credit agreement, extending the revolver maturity to 2031, doubling capacity to $350 million, and slashing interest rate margins.\n\nCFO Ryan Soroka highlighted that the transactions extend debt maturities and materially reduce interest expense, supported by record cash flows and backlog growth.","key_figures":{"dealValueUsd":400000000,"customDimensions":{"new_note_rate":"6.625%","old_note_rate":"11.875%","sofr_margin_new":"1.75% - 2.50%","base_rate_margin_new":"0.75% - 1.50%","revolver_commitment_new":"$350.0 million","revolver_commitment_old":"$170.0 million"}},"named_entities":{"people":[{"name":"Ryan Soroka","role":"Chief Financial Officer"},{"name":"Jorge Casado","role":"Senior Vice President, Investor Relations and Corporate Communications"}],"products":[],"companies":[{"name":"Tutor Perini Corporation","ticker":"TPC"}],"dollarAmounts":[{"amount":"$400 million","context":"redemption of 2029 Notes"},{"amount":"$400 million","context":"offering of 6.625% Senior Notes"},{"amount":"$170.0 million","context":"prior Revolving Credit Facility commitments"},{"amount":"$350.0 million","context":"new Revolving Credit Facility commitments"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-06T13:36:22.026Z","global_importance":25,"audience_relevance":15,"importance_components":{"tickerTier":"mid-cap","eventGravity":"material_refinancing","sectorWeight":"Industrials"}},"durationMs":147490,"modelName":"george-droid-qwen-72b"}}