Tutor Perini announces $100M debt paydown

Tutor Perini (TPC) announced that the company has pre-paid an additional $100M of its Term Loan B debt. Building on the paydown of $50M of the Term Loan B debt that was disclosed in the company’s November 6 earnings release, Tutor Perini has now successfully deleveraged its balance sheet by $150M in the last month, representing the upper end of its targeted debt reduction plan for the fourth quarter of 2024. As of November 20, the remaining principal balance of the Term Loan B, after these recent paydowns, was approximately $123M. The company recently disclosed plans to pay down an additional $50M-$75M of the Term Loan B debt in the first quarter of 2025, and it now expects to pay down an amount that exceeds the upper end of this range. All the debt repayments mentioned above represent voluntary, early paydowns of the Term Loan B debt.