Tutor Perini pays off remaining Term Loan B debt of about $47M

Tutor Perini (TPC) Corporation announced that the company has paid off its remaining Term Loan B debt of approximately $47M. With this latest prepayment, Tutor Perini has successfully accelerated the deleveraging of its balance sheet, reducing total debt by $477M, or 52%, since December 31, 2023. “Our strong operating cash flow has enabled us to exceed our debt reduction commitments, further strengthening our balance sheet,” said Gary Smalley, Chief Executive Officer and President. “Looking ahead, we expect to continue generating strong cash flow, explore opportunities to further enhance our capital structure, and consider capital allocation strategies that will drive shareholder value. With our record backlog, we believe Tutor Perini’s business is well-positioned for significant growth and substantially improved profitability over the next several years. I will also point out that we currently do not anticipate any significant impacts related to recent federal funding or tariff concerns, based on an assessment of our contractual terms and project execution practices that involve buyouts of materials and equipment at the onset of projects.”