International law firm Greenberg Traurig represented longtime client MasTec, Inc., in connection with its March 18, 2013 issuance of $400 million of 4.875% Senior Notes due 2023 (the “New Notes”). The offering is considered historic because it represents one of only a very few high yield offerings that have ever been priced with an interest rate of less than five percent.
Proceeds of the sale of the New Notes are being used to fund MasTec’s previously announced cash tender offer for any and all of its $150 million principal amount of 7.625% Senior Notes due 2017 (“2017 Notes”) and the related consent solicitation, and the redemption of any 2017 Notes not tendered in the tender offer, and to repay the outstanding balance under its existing credit facility. MasTec, a leading multinational infrastructure engineering and construction company with headquarters in Coral Gables, Fla., expects to use the remaining net proceeds for working capital and other general corporate purposes.
According to its website, MasTec operates mainly throughout North America across a range of industries. MasTec’s activities include, but are not limited to, the engineering, building, installation, maintenance and upgrade of energy, utility and communications infrastructure, including: electrical utility transmission and distribution; power generation; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; wind farms, solar farms and other renewable energy infrastructure; and industrial infrastructure.
Greenberg Traurig’s Miami-based team, led by Corporate & Securities shareholder Ira N. Rosner, included Corporate & Securities associates Drew Altman, David D. Gruberg, and Selden R. Ross and Tax shareholder Charles E. “Skip” Stiver Jr.
Barclays, Morgan Stanley, and SunTrust Robinson Humphrey acted as joint book-running managers of the offering.
This press release is issued as a matter of record only does not constitute an offer to sell or the solicitation of an offer to buy the New Notes nor does it constitute an offer to purchase, a solicitation of an offer to sell or a solicitation of consents with respect to any 2017 Notes.
Comprised of more than 350 lawyers in more than 30 offices, Greenberg Traurig’s Corporate and Securities/M&A Practice provides advice and services to public and privately held companies and entrepreneurs throughout the Americas, Europe, the Middle East, Asia, and Africa. The team brings together the strategic business, legal and market experience needed to manage and close the most complex transactions as well as provides practical counsel on day-to-day operations.
In Florida, Greenberg Traurig serves clients from across seven offices in Boca Raton, Fort Lauderdale, Miami, Orlando, Tampa, Tallahassee and West Palm Beach.
Click here for a MasTec news release with additional information about this offering.
