Debt

3 Months Ended

Mar. 31, 2025

The following table provides details of the carrying values of debt as of the periods indicated (in millions):


Description	Maturity Date	March 31, 2025		December 31, 2024
Senior credit facility:	November 1, 2026
Revolving loans		$	39.6	$	43.1
Term loan		328.1		332.5
4.500% Senior Notes	August 15, 2028	600.0		600.0
5.900% Senior Notes	June 15, 2029	550.0		550.0
6.625% Senior Notes	August 15, 2029	71.8		71.6
Five-Year Term Loan Facility	October 7, 2027	281.3		285.0

Finance lease and other obligations		376.3		356.5
Total debt obligations		$	2,247.1	$	2,238.7
Less unamortized deferred financing costs		(13.4)		(14.6)
Total debt, net of deferred financing costs		$	2,233.7	$	2,224.1
Current portion of long-term debt		192.1		186.1
Long-term debt		$	2,041.6	$	2,038.0

Senior Credit Facility

The Company maintains a $2.25 billion senior unsecured credit facility (the “Credit Facility”), which is composed of $1.9 billion of revolving commitments and a term loan with an original principal amount of $350.0 million (the “Term Loan”). The Term Loan is subject to amortization in quarterly principal installments of approximately $4.4 million until maturity, which quarterly installments increased from approximately $2.2 million in March 2025. Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments. As of both March 31, 2025 and December 31, 2024, the fair values of the Credit Facility and Term Loan, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated their carrying values.

As of March 31, 2025 and December 31, 2024, outstanding revolving loans, which included $39.6 million and $43.1 million, respectively, of borrowings denominated in Canadian dollars, accrued interest at weighted average rates of approximately 4.30% and 4.97% per annum, respectively. The Term Loan accrued interest at rates of 5.68% and 6.22% as of March 31, 2025 and December 31, 2024, respectively. Letters of credit of approximately $49.2 million and $64.3 million were issued as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, letter of credit fees accrued at 0.4375% and 0.5625% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.250% and 1.375% per annum, respectively. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.

As of March 31, 2025 and December 31, 2024, availability for revolving loans totaled $1,811.2 million and $1,792.6 million, respectively, or up to $600.8 million and $585.7 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $260.4 million and $256.9 million of availability in either Canadian dollars or Mexican pesos as of March 31, 2025 and December 31, 2024, respectively. The unused facility fee as of March 31, 2025 and December 31, 2024 accrued at rates of 0.175% and 0.200% per annum, respectively.

Other Credit Facilities

The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances. There were no outstanding borrowings under the Company’s other credit facilities as of either March 31, 2025 or December 31, 2024. Additionally, the Company has a separate credit facility, under which it may issue up to $50.0 million of performance standby letters of credit. As of March 31, 2025 and December 31, 2024, letters of credit issued under this facility totaled $29.5 million and $17.4 million, respectively, which accrued fees at 0.50% and 0.75% per annum, respectively.

Senior Notes

As of both March 31, 2025 and December 31, 2024, the gross carrying amount of the Company’s 4.500% senior notes due August 15, 2028 (the “4.500% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $585.5 million and $581.9 million, respectively. As of both March 31, 2025 and December 31, 2024, the gross carrying amount of the Company’s 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”) totaled $550.0 million, and their estimated fair value totaled approximately $563.9 million and $558.8 million, respectively. As of March 31, 2025 and December 31, 2024, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 (the “6.625% Senior Notes”) totaled $71.8 million and $71.6 million, respectively, and their estimated fair value approximated their carrying value for both respective periods. As of March 31, 2025 and December 31, 2024, the estimated fair values of the Company’s senior notes were determined based on an exit price approach using Level 2 inputs.

Five-Year Term Loan Facility

As of March 31, 2025, the Company had $281.3 million outstanding under an unsecured five-year term loan (the “Five-Year Term Loan”), for which the original principal amount totaled $300.0 million. The Five-Year Term Loan is subject to amortization in quarterly principal installments of approximately $3.75 million, which installments commenced on March 31, 2024 and will increase to $7.5 million on March 31, 2026

until maturity, subject to the application of certain prepayments. As of March 31, 2025 and December 31, 2024, the Five-Year Term Loan accrued interest at rates of 5.797% and 6.253%, respectively. The fair value of the Five-Year Term Loan as of both March 31, 2025 and December 31, 2024, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Debt Covenants

MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both March 31, 2025 and December 31, 2024.

Additional Information

As of March 31, 2025 and December 31, 2024, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $16.2 million and $20.8 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 7 – Debt in the Company’s 2024 Form 10-K.