Yahoo Finance General Contractor Tutor Perini Hires Goldman to Refinance Debt
(Bloomberg) -- Tutor Perini Corp. hired Goldman Sachs Group Inc. to help it address upcoming maturities and refinance its debt, according to people familiar with the matter.
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Goldman is approaching both public and private credit providers for fresh capital, the people said, asking not to be identified because the discussions are private.
A representative for Tutor Perini confirmed the plans, saying the company intends to get a deal done by the end of the month. A spokesperson for Goldman declined to comment.
Investment banks are increasingly being hired as advisers even when companies go the private credit route. Centerview Partners has held conversations with direct lenders to refinance Superior Industries International Inc.’s outstanding debt.
As of the end of last year, Tutor Perini had about $500 million in senior notes, according to a filing. The company has a little over a year to refinance the notes due in May 2025. It also has around $276 million in a term loan, as of the end of February, according to the company’s earnings call.
The Los Angeles-based company that provides general contracting and construction management services generated more than $300 million in cash from operations in 2023, public filings showed.
Shares of the company are up more than 70% this year, while its notes due next year trade at around 99 cents on the dollar, according to Trace pricing data.
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