Tutor Perini pays down US$75 million of debt
22 January 2025
Tutor Perini, one of the largest general contractors in the USA, has paid down U$75 million of loans as the company continues its plans to deleverage its balance sheet.
Tutor Perini is one of the largest general contractors in the US (Image: AdobeStock)
In a statement to investors this week, Tutor Perini said that the early paydown of the Term B Loan debt was the latest in a series of debt payments made by the company over the past twelve months which had deleveraged the company balance sheet by a total of US$430 million.
Tutor Perini said that after the paydowns, the remaining principal balance of its Term B Loans stood at approximately US47 million.
The contractor is the latest contractor to be looking to pay down debt following a series of interest rate hikes in most countries over the past two years.
On the same day, UK contractor Kier announced it had reduced its debt pile to just UK£38 million (US$46 million) at the end of December 2024 from UUK£137 million (US$169 million) for the same period last year.
The company said its order said its order book stood at UK£11 billion (US$13.6 billion) and that its improved financial position, which enabled the company to pay its first annual shareholder dividend in six years in September, also allowed it to launch a UK£20 million share buyback.
“The strength of our cash generation combined with the multi-year revenue visibility afforded by our growing quality order book and underpinned by our strong balance sheet gives us confidence that this momentum will continue,” said Andrew Davies, Kier chief executive.
STAY CONNECTED
Receive the information you need when you need it through our world-leading magazines, newsletters and daily briefings.
CONNECT WITH THE TEAM
