MasTec Locks In $700M Term Loan, Expands Revolver for Superior Buy
MTZ has more than doubled off its 52-week low of $160.08.
Summary
MasTec finalized the debt package for its $1.65B Superior Group acquisition, securing a $700M delayed-draw term loan and upsizing its revolver by $350M to $2.25B. The financing, effective July 7, removes uncertainty around deal funding. Separately, Cantor Fitzgerald raised its price target to $581 from $545, reflecting confidence in the transaction's accretion. The acquisition was announced a week ago; these concrete steps signal smooth progress toward closing.
At the time of this announcement, MTZ was trading at $367.99 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $29.5B. The 52-week trading range was $160.08 to $441.43. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.