Tutor Perini Completes $400 Million Senior Notes Redemption

Tutor Perini (TPC) has completed the redemption of $400 million of its 11.875% senior notes due 2029 and amended its existing revolving credit agreement, the company said Monday. The company funded the redemption with net proceeds from its previously announced $400 million offering of 6.625% senior notes and cash on hand. The amended credit agreement extended the revolving credit facility's maturity to July 2031, increased commitments to $350 million from $170 million, lowered borrowing costs and revised certain financial covenants. Shares of the company rose more than 5% in early Monday trading. Price: $80.60, Change: $+3.92, Percent Change: +5.11%