Tutor Perini Corporation announced on November 20, 2024, that it has prepaid an additional $100 million of its Term Loan B debt. This follows a $50 million paydown disclosed in the company's November 6, 2024, earnings release, bringing the total debt reduction to $150 million in the last month.
This $150 million paydown represents the upper end of the company's targeted debt reduction plan for the fourth quarter of 2024. As of November 20, 2024, the remaining principal balance of the Term Loan B was approximately $123 million.
The company previously disclosed plans to pay down an additional $50 million to $75 million of the Term Loan B debt in the first quarter of 2025, and it now expects to exceed the upper end of this range. All these debt repayments are voluntary, early paydowns of the Term Loan B debt.
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