Debt

12 Months Ended

Dec. 31, 2025

The following table provides details of the carrying values of debt as of the dates indicated (in millions):


		December 31,
Description	Maturity Date	2025		2024
Senior credit facility:	June 26, 2030
Revolving loans		$	118.0	$	43.1
Term loan (a)		—		332.5
4.500% Senior Notes	August 15, 2028	600.0		600.0
5.900% Senior Notes	June 15, 2029	550.0		550.0
6.625% Senior Notes	August 15, 2029	72.3		71.6
2025 Term Loan Facility	June 26, 2028	600.0		—
Five-Year Term Loan Facility		—		285.0
Finance lease and other obligations		405.3		356.5
Total debt obligations		$	2,345.6	$	2,238.7
Less unamortized deferred financing costs		(14.9)		(14.6)
Total debt, net of deferred financing costs		$	2,330.7	$	2,224.1
Current portion of long-term debt		154.3		186.1
Long-term debt		$	2,176.4	$	2,038.0

(a) The term loan was terminated and fully repaid as of the second quarter of 2025, pursuant to the terms of the amended and restated senior unsecured credit facility, as described below.

Senior Credit Facility

On June 26, 2025, the Company entered into an amended and restated five-year, senior unsecured credit facility (the “Credit Facility”) replacing the November 1, 2021 senior unsecured credit facility (“Existing Credit Agreement”) that would otherwise have terminated on November 1, 2026. The amendment, among other items, maintained revolving commitments of an aggregate amount of $1.9 billion, terminated the term loan under the Existing Credit Agreement, and extended the maturity of the senior unsecured credit facility from November 1, 2026 to June 26, 2030. The amendment also eliminated certain restrictions on the ability of the Company to make distributions or repurchase capital stock, the requirement of the Company to maintain a minimum consolidated interest coverage ratio and certain other negative covenants. All other material terms and conditions of the Credit Facility were substantially unchanged. The Credit Facility allows the Company to borrow up to an aggregate equivalent amount of $300 million in revolving advances in either Canadian dollars or Mexican pesos. The maximum amount available for letters of credit under the Credit Facility is $750 million, of which up to $250 million can be denominated in either Canadian dollars or Mexican pesos. The Credit Facility also provides for swing line loans of up to $125 million, and, subject to certain conditions, the Company has the option to increase revolving commitments as defined in the Credit Facility. Borrowings under the Credit Facility will be used for working capital requirements, capital expenditures and other corporate purposes, including potential acquisitions, equity investments or other strategic arrangements, and/or the repurchase or prepayment of indebtedness, among other corporate borrowing requirements, including potential share repurchases. As of both December 31, 2025 and 2024, the fair value of the Credit Facility, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Outstanding revolving loans under the Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR, TIIE, or Term CORRA, in each case as defined in the Credit Facility, plus a margin of 1.125% to 1.625%, or (b) Base Rate, as defined below, plus a margin of 0.125% to 0.625%. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the Credit Facility, plus 0.50%, (ii) Bank of America’s prime rate, and (iii) Term SOFR plus 1.00%. Financial standby letters of credit and commercial letters of credit issued under the Credit Facility are subject to a letter of credit fee ranging from 1.125% to 1.625%, and performance standby letters of credit issued under such Credit Facility are subject to a letter of credit fee ranging from 0.3125% to 0.6875%. The Company must also pay a commitment fee to the lenders ranging from 0.150% to 0.225% on any unused availability under the Credit Facility. In each of the foregoing cases, the applicable margin or fee is based on the Company’s Consolidated Leverage Ratio and Debt Rating, each as defined in the Credit Facility, as of the most recent fiscal quarter.

Revolving loans accrued interest at weighted average rates of approximately 4.56% and 4.97% per annum as of December 31, 2025 and 2024, respectively. Letters of credit of approximately $57.1 million and $64.3 million were issued as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, letter of credit fees accrued at 0.4375% and 0.5625% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.250% and 1.375% per annum, respectively. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.

As of December 31, 2025 and 2024, availability for revolving loans totaled $1,724.9 million and $1,792.6 million, respectively, or up to $692.9 million and $585.7 million, respectively, for new letters of credit. As of December 31, 2025 and 2024, outstanding revolving borrowings denominated in foreign currencies totaled $43.0 million and $43.1 million, respectively, and accrued interest at a weighted average rate of approximately 3.81% and 4.97% per annum, respectively. Revolving loan borrowing capacity included $257.0 million and $256.9 million of availability in either Canadian dollars or Mexican pesos as of December 31, 2025 and 2024, respectively. The unused facility fee as of December 31, 2025 and 2024 accrued at rates of 0.175% and 0.200% per annum, respectively.

Other Credit Facilities. The Company has a separate credit facility, which is renewable on an annual basis, under which it may issue up to $50.0 million of performance standby letters of credit. As of December 31, 2025 and 2024, letters of credit issued under this facility totaled $33.4 million and $17.4 million, respectively, which accrued fees at 0.50% and 0.75% per annum, respectively. The Company’s other credit facilities are subject to customary provisions and covenants.

4.500% Senior Notes

The Company has $600 million aggregate principal amount of senior unsecured notes due August 15, 2028, which bear interest at a rate of 4.500% (the “4.500% Senior Notes”), which were issued at par in a private offering. Interest on the 4.500% Senior Notes is payable semiannually in arrears on February 15 and August 15 of each year. As of December 31, 2025 and 2024, the fair value of the Company’s 4.500% Senior Notes totaled approximately $595.7 million and $581.9 million, respectively.

The Company has the option to redeem all or a portion of the 4.500% Senior Notes at the redemption prices specified in the indenture that governs the 4.500% Senior Notes (the “4.500% Senior Notes Indenture”), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control, as defined in the 4.500% Senior Notes Indenture, occurs, the Company must make an offer to repurchase all of the 4.500% Senior Notes then outstanding at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The 4.500% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries to create liens and effect mergers, subject to certain exceptions. The 4.500% Senior Notes Indenture provides for customary events of default, subject to customary grace and cure periods. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 30% of the 4.500% Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all of the 4.500% Senior Notes immediately due and payable.

5.900% Senior Notes

On June 10, 2024, the Company completed an offering of $550 million aggregate principal amount of 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”). Interest on the 5.900% Senior Notes is payable semiannually in arrears on June 15 and December 15 of each year. The 5.900% Senior Notes are general senior unsecured obligations of the Company, and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior in right of payment to all of the Company’s future subordinated indebtedness. The 5.900% Senior Notes are effectively subordinated to all secured indebtedness of the Company, to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all of the obligations of the subsidiaries of the Company, including trade payables. Financing costs incurred in connection with the issuance of the 5.900% Senior Notes totaled approximately $5.9 million and are being amortized over the term of the 5.900% Senior Notes using the effective interest method. As of December 31, 2025 and 2024, the fair value of the Company’s 5.900% Senior Notes totaled approximately $574.1 million and $558.8 million, respectively.

The Company has the option to redeem all or a portion of the 5.900% Senior Notes at the redemption prices specified in the indenture that governs the 5.900% Senior Notes (the “5.900% Senior Notes Indenture”), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control triggering event, as defined in the 5.900% Senior Notes Indenture, occurs, each holder of the 5.900% Senior Notes will have the right to require the Company to repurchase all or any portion of such holder’s 5.900% Senior Notes then outstanding at a price equal to 101% of the principal amount of the 5.900% Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, subject to the right of holders of 5.900% Senior Notes on the relevant record date to receive interest due on the relevant interest payment date.

The 5.900% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries to create liens, enter into sale and leaseback transactions and effect mergers, subject to certain exceptions. The 5.900% Senior Notes Indenture provides for customary events of default, which include, subject, in certain cases, to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 5.900% Senior Notes Indenture; failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 25% of the 5.900% Senior

Notes then outstanding may declare the principal amount, premium, if any, and accrued interest on all of the 5.900% Senior Notes to be immediately due and payable.

The Company used a portion of the proceeds from the 5.900% Senior Notes offering in 2024 to purchase $203.7 million in aggregate principal amount of 6.625% IEA Senior Notes (as defined below). The remaining net proceeds, along with available cash, were used to repay the Company’s $400.0 million Three-Year Term Loan Facility. In connection with these transactions, the Company recorded a pre-tax debt extinguishment loss of approximately $11.3 million during the year ended December 31, 2024, which is separately presented within the Company’s consolidated statements of operations.

6.625% Senior Notes

The Company has $74.9 million aggregate principal amount of 6.625% senior unsecured notes due August 15, 2029 (the “6.625% Senior Notes”), with a carrying value of $72.3 million and $71.6 million as of December 31, 2025 and 2024, respectively. Interest on the 6.625% Senior Notes is payable semiannually in arrears on February 15 and August 15 of each year. The 6.625% Senior Notes were previously composed of $225.1 million aggregate principal amount of 6.625% IEA senior notes (the “6.625% IEA Senior Notes”) and $74.9 million aggregate principal amount of 6.625% MasTec senior notes (the “6.625% MasTec Senior Notes”).

Concurrently with the Company’s 2024 offering of the 5.900% Senior Notes, IEA Energy Services LLC (“IEA LLC”), a wholly-owned subsidiary of the Company, launched a tender offer and consent solicitation (the “IEA Tender”) for the 6.625% IEA Senior Notes due 2029. The Company used a portion of the proceeds from the 5.900% Senior Notes offering to purchase $203.7 million in aggregate principal amount of 6.625% IEA Senior Notes tendered at a price equal to 100.0% of the principal amount of the 6.625% IEA Senior Notes, plus accrued and unpaid interest to, but excluding, the payment date. In July 2024, subsequent to the IEA Tender, IEA LLC exercised its right under the indenture that governs the 6.625% IEA Senior Notes to redeem the remaining $21.4 million in aggregate principal amount of the 6.625% IEA Senior Notes at a price equal to 95.0% of the principal amount of the 6.625% IEA Senior Notes redeemed, which amount approximated their carrying value, plus accrued and unpaid interest to, but excluding, the redemption date. As of both December 31, 2025 and 2024, the fair value of the Company’s 6.625% Senior Notes approximated their carrying value.

The 6.625% Senior Notes are general senior unsecured obligations of the Company, and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior in right of payment to any of the Company’s future subordinated indebtedness. The 6.625% Senior Notes are effectively subordinated to all secured indebtedness of the Company to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all obligations of the subsidiaries of the Company, including trade payables.

The 6.625% Senior Notes Indenture provides for customary events of default, which include, subject, in certain cases, to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 6.625% Senior Notes Indenture; failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 30% of the 6.625% Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all of the 6.625% Senior Notes immediately due and payable.

If a Change of Control, as defined in the 6.625% Senior Notes Indenture, occurs, the Company must make an offer to repurchase all of the 6.625% Senior Notes, then outstanding at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase.

2025 Term Loan Facility

On June 26, 2025, the Company entered into a new $600 million senior unsecured term loan agreement (the “2025 Term Loan Facility”). The 2025 Term Loan Facility will mature on June 26, 2028, and the loans thereunder are not subject to amortization and are not guaranteed or secured by any assets of the Company or any of its subsidiaries. As of December 31, 2025, the Company had $600 million outstanding under the 2025 Term Loan Facility. The fair value of the 2025 Term Loan Facility as of December 31, 2025, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value. Using the net proceeds from the 2025 Term Loan Facility, together with available cash, the Company repaid the $328.1 million term loan under the Existing Credit Agreement and the remaining $277.5 million of the Company’s unsecured five-year term loan (the “Five-Year Term Loan”) that would otherwise have matured on October 7, 2027.

Outstanding loans under the 2025 Term Loan Facility bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR, as defined in the 2025 Term Loan Facility, plus a margin of 1.00% to 1.50%, or (b) a Base Rate, as defined below, plus a margin of up to 0.50%. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the 2025 Term Loan Facility, plus 0.50%, (ii) Bank of America’s prime rate, and (iii) Term SOFR plus 1.00%. In each of the foregoing cases, the applicable margin is based on the Company’s Consolidated Leverage Ratio and Debt Rating, each as defined in the 2025 Term Loan Facility, as of the most recent fiscal quarter. As of December 31, 2025, the 2025 Term Loan Facility accrued interest at a rate of 4.85%.

Five-Year Term Loan Facility

As described above, the Company used a portion of the net proceeds from the 2025 Term Loan Facility, together with available cash, to repay the remaining $277.5 million of the Five-Year Term Loan that would otherwise have matured on October 7, 2027.

Loss on Extinguishment of Debt

For the year ended December 31, 2024, the Company recognized a pre-tax debt extinguishment loss of approximately $11.3 million in connection with the repayment of the $203.7 million 6.625% IEA Senior Notes and $400.0 million Three-Year Term Loan Facility, which is separately presented within the Company’s consolidated statements of operations.

Debt Covenants

The Company’s Credit Facility and 2025 Term Loan Facility contain affirmative and negative covenants that, among other things, limit the Company’s ability to engage in certain activities, including, but not limited to, acquisitions, mergers and consolidations, debt incurrence, investments, asset sales and lien incurrence. In addition, the Credit Facility and 2025 Term Loan Facility provide for customary events of default and carries cross-default provisions with the Company’s other significant debt instruments, including the Company’s indemnity agreement with its surety provider, as well as customary remedies, including the acceleration of repayment of outstanding amounts and other remedies. The Credit Facility and 2025 Term Loan Facility require the Company to maintain a maximum Consolidated Leverage Ratio, as defined in the Credit Facility and 2025 Term Loan Facility, respectively, of not more than 3.50:1.00 as of the end of any fiscal quarter (except that, subject to certain conditions, if a permitted acquisition or series of permitted acquisitions having consideration exceeding $200 million occurs, such ratio is increased to 4.00:1.00 for the fiscal quarter in which the acquisition is completed and the four subsequent fiscal quarters). For purposes of calculating the Consolidated Leverage Ratio, funded indebtedness excludes undrawn standby performance letters of credit included in the calculation of Consolidated Funded Indebtedness, as defined in the Credit Facility and 2025 Term Loan Facility, respectively. Additionally, the Company’s Senior Notes are subject to customary provisions and covenants, as detailed above.

MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both December 31, 2025 and 2024.

Additional Information

In connection with the amended and restated Credit Facility and the 2025 Term Loan Facility, deferred financing costs of $4.2 million and $1.2 million, respectively, were incurred and are being amortized over the respective terms of those instruments. Such amortization is included in interest expense, net in the consolidated statements of operations.

As of December 31, 2025 and 2024, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $16.0 million and $20.8 million, respectively.

Contractual Maturities of Debt

Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2025 were as follows (in millions):


2026	$	154.3
2027	108.0
2028	1,284.1
2029	668.5
2030	130.2
Thereafter	0.5
Total	$	2,345.6