Tutor Perini Further Strengthens Balance Sheet with $100 Million Debt Paydown
November 20 2024 - 5:00AM
Business Wire
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading
civil, building and specialty construction company, announced today
that the Company has pre-paid an additional $100 million of its
Term Loan B debt. Building on the paydown of $50 million of the
Term Loan B debt that was disclosed in the Company’s November 6,
2024 earnings release, Tutor Perini has now successfully
deleveraged its balance sheet by $150 million in the last month,
representing the upper end of its targeted debt reduction plan for
the fourth quarter of 2024.
As of November 20, 2024, the remaining principal balance of the
Term Loan B, after these recent paydowns, was approximately $123
million. The Company recently disclosed plans to pay down an
additional $50 million to $75 million of the Term Loan B debt in
the first quarter of 2025, and it now expects to pay down an amount
that exceeds the upper end of this range. All the debt repayments
mentioned above represent voluntary, early paydowns of the Term
Loan B debt.
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).
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 of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
without limitation, statements regarding the Company’s expectations
regarding future repayment of debt. These forward-looking
statements are based on the Company’s current expectations and
beliefs concerning future developments and their potential impacts
on the Company. While the Company’s expectations, beliefs and
projections are expressed in good faith and the Company believes
there is a reasonable basis for them, 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. These
risks and uncertainties include, but are not limited to:
unfavorable outcomes of existing or future litigation or dispute
resolution proceedings against us or customers (project owners,
developers, general contractors, etc.), subcontractors or
suppliers, as well as failure to promptly recover significant
working capital invested in projects subject to such matters;
revisions of estimates of contract risks, revenue or costs,
economic factors such as inflation, the timing of new awards, or
the pace of project execution, which has resulted and may continue
to result in losses or lower than anticipated profit; contract
requirements to perform extra work beyond the initial project
scope, which has and in the future could result in disputes or
claims and adversely affect our working capital, profits and cash
flows; risks and other uncertainties associated with estimates and
assumptions used to prepare our financial statements; failure to
meet contractual schedule requirements, which could result in
higher costs and reduced profits or, in some cases, exposure to
financial liability for liquidated damages and/or damages to
customers, as well as damage to our reputation; an inability to
obtain bonding, which could have a negative impact on our
operations and results; possible systems and information technology
interruptions and breaches in data security and/or privacy;
inability to attract and retain our key officers, and to adequately
plan for their succession, and hire and retain personnel required
to execute and perform on our contracts; the impact of inclement
weather conditions, disasters and other catastrophic events outside
of our control on projects; risks related to our international
operations, such as uncertainty of U.S. government funding, as well
as economic, political, regulatory and other risks, including risks
of loss due to acts of war, labor conditions, and other
unforeseeable events in countries where we do business, which could
adversely affect our revenue and earnings; increased competition
and failure to secure new contracts; a significant slowdown or
decline in economic conditions, such as those presented during a
recession; decreases in the level of federal, state and local
government spending for infrastructure and other public projects;
client cancellations of, or reductions in scope under, contracts
reported in our backlog; risks related to government contracts and
related procurement regulations; significant fluctuations in the
market price of our common stock, which could result in substantial
losses for stockholders and potentially subject us to securities
litigation; failure of our joint venture partners to perform their
venture obligations, which could impose additional financial and
performance obligations on us, resulting in reduced profits or
losses and/or reputational harm; violations of the U.S. Foreign
Corrupt Practices Act and similar worldwide anti-bribery laws;
failure to meet our obligations under our debt agreements
(especially in a high interest rate environment); downgrades in our
credit ratings; public health crises, such as COVID-19, which have
adversely impacted, and could in the future adversely impact, our
business, financial condition and results of operations by, among
other things, delaying the timing of project bids and/or awards and
the timing of dispute resolutions and associated collections;
physical and regulatory risks related to climate change; impairment
of our goodwill or other indefinite-lived intangible assets; the
exertion of influence over the Company by our chairman and chief
executive officer due to his position and significant ownership
interest; and other 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241120392466/en/
Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations and Corporate Communications
www.tutorperini.com
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