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Get filing alertsTutor Perini refinances $400M debt at 6.625%, cuts interest rate by 525 bps from 11.875%
Filed July 6, 2026 · Period ending July 2, 2026 · ~1 min read
Key Changes
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high
Issued $400M of 6.625% senior notes due 2033 at par to redeem $400M of 11.875% notes due 2029, reducing annual interest expense by approximately $21M on the refinanced principal.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Amended revolving credit facility: extended maturity to July 2031, doubled capacity from $170M to $350M, and cut SOFR margin from 4.25%-4.75% to 1.75%-2.50%.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Replaced 2.25x First Lien Net Leverage covenant with 3.50x Total Net Leverage and 3.00x minimum Interest Coverage, providing more operational flexibility.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Completed redemption of all remaining 2029 Notes at 108.906% of principal plus accrued interest on July 2, 2026.
Item 8.01 — Other Events verify on EDGAR →
Summary
Tutor Perini executed a comprehensive debt refinancing that materially improves its capital structure. The company replaced $400 million of 11.875% senior notes due 2029 with new 6.625% notes due 2033, cutting its interest rate by 525 basis points and extending maturity by four years. The refinancing reduces annual interest expense by approximately $21 million on the refinanced principal, a meaningful improvement for a company with in trailing twelve-month revenue.
Concurrently, TPC amended its revolving credit facility with substantially improved terms: maturity extended to 2031, capacity more than doubled to $350 million, and SOFR margins cut by 250-275 basis points to 1.75%-2.50%. The revised financial covenants—replacing a 2.25x First Lien leverage cap with a 3.50x Total Net Leverage limit—provide additional operational flexibility. For equity holders, the refinancing locks in lower borrowing costs through 2031-2033 and strengthens liquidity, reducing near-term refinancing risk and freeing cash flow that was previously consumed by high interest payments.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On July 2, 2026, the Company redeemed all of the remaining outstanding 2029 Notes pursuant to the indenture governing the 2029 Notes, at a redemption price equal to 108.906% of the principal amount thereof (or $1,089.06 per $1,000.00 in principal amount), plus accrued and unpaid interest to, but excluding, the redemption date.
The company completed a full redemption of its 2029 Notes at a premium to par. Noteholders received $1,089.06 per $1,000 principal amount plus accrued interest. This eliminates the debt obligation ahead of maturity.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On July 2, 2026 (the “Closing Date”), Tutor Perini Corporation (the “Company”) completed the previously announced offering and sale of $400 million in aggregate principal amount of 6.625% Senior Notes due 2033 (the “Notes”) at an offering price of 100.000% (the “Notes Offering”).
The company issued $400 million of new senior notes bearing 6.625% interest and maturing July 15, 2033. The notes were sold at par (100% of face value) to qualified institutional buyers. Interest is payable semi-annually starting January 15, 2027.
Added in current filing · verify on EDGAR →
(c) reducing the Adjusted Term Secured Overnight Financing Rate (SOFR) margin to a range between 1.75% and 2.50% based on a Total Net Leverage Ratio (compared to the previous range between 4.25% and 4.75% based on a First Lien Net Leverage Ratio) and eliminating the credit spread adjustment (10 bps), (d) reducing the base rate margin to a range between 0.75% and 1.50% based on a Total Net Leverage Ratio (compared to the previous range between 3.25% and 3.75% based on a First Lien Net Leverage Ratio)
The credit facility's interest rate margins were substantially reduced. The SOFR margin dropped from a 4.25%-4.75% range to 1.75%-2.50%, and the base rate margin fell from 3.25%-3.75% to 0.75%-1.50%. The 10 basis point credit spread adjustment was also eliminated. These changes significantly lower the company's borrowing costs on the revolver.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 7, 2026 · How we verify