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Tutor Perini Scraps $500M High Yield Bond Offering

Tutor Perini has postponed its planned $500 million bond sale due to “adverse market conditions,” according to a company statement.

Earlier this week, the construction company set price talk for the eight-year (non-call three) paper at 7–7.25%. Proceeds from the Goldman Sachs–led deal were to be combined with drawings from a new revolving credit facility to redeem Tutor Perini’s 7.625% notes due 2018, and repay an existing revolver and term loan debt.

“The company will evaluate the timing for the proposed offering as market conditions develop, and at this time does not intend to redeem its outstanding 7.625% senior notes due 2018 or enter into a new credit facility,” Tutor Perini said Nov. 2.

The company issued $300 million of the 7.625% notes in an October 2014 debut offering. As of Sept. 30, the company’s long-term debt also included a $160.5 million revolver, and an $80 million term loan, according to an SEC filing.

Tutor Perini is the latest would-be high-yield bond issuer. Last month, homebuilder UCP canceled a proposed offering for $200 million of notes due 2021 “in light of challenged market conditions.” Whispers for the deal were at 8.25–8.50%. — Jakema Lewis

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This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.