MASTEC INC

Note 8 –Debt

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

Senior Credit Facility

The Company maintains a $1.9 billion senior unsecured credit facility (the “Credit Facility”), which is composed of revolving commitments and matures on June 26, 2030. As of both March 31, 2026 and December 31, 2025, 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.

As of March 31, 2026 and December 31, 2025, outstanding revolving loans, which included $53.9 million and $43.0 million, respectively, of borrowings denominated in Canadian dollars, accrued interest at weighted average rates of approximately 4.73% and 4.56% per annum, respectively. Letters of credit of approximately $59.1 million and $57.1 million were issued as of March 31, 2026 and December 31, 2025, respectively. As of both March 31, 2026 and December 31, 2025, letter of credit fees accrued at 0.4375% per annum for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.250% per annum. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.

As of March 31, 2026 and December 31, 2025, availability for revolving loans totaled $1,537.0 million and $1,724.9 million, respectively, or up to $690.9 million and $692.9 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $246.1 million and $257.0 million of availability in either Canadian dollars or Mexican pesos as of March 31, 2026 and December 31, 2025, respectively. The unused facility fee as of both March 31, 2026 and December 31, 2025 accrued at rates of 0.175% per annum.

Other Credit Facilities

The Company has a separate credit facility, under which it may issue up to $50.0 million of performance standby letters of credit. As of both March 31, 2026 and December 31, 2025, letters of credit issued under this facility totaled $33.4 million, which accrued fees at 0.50% per annum.

Senior Notes

As of both March 31, 2026 and December 31, 2025, the gross carrying amount of the Company’s 4.500% senior notes due August 15, 2028 (the “4.500% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $593.0 million and $595.7 million, respectively. As of both March 31, 2026 and December 31, 2025, the gross carrying amount of the Company’s 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”) totaled $550.0 million, and their estimated fair value totaled approximately $567.9 million and $574.1 million, respectively. As of March 31, 2026 and December 31, 2025, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 (the “6.625% Senior Notes”) totaled $72.5 million and $72.3 million, respectively, and their estimated fair value approximated their carrying value for both respective periods. As of March 31, 2026 and December 31, 2025, the estimated fair values of the Company’s senior notes were determined based on an exit price approach using Level 2 inputs.

2025 Term Loan Facility

The Company maintains a $600 million senior unsecured term loan facility (the “2025 Term Loan Facility”) that matures on June 26, 2028. Borrowings under the 2025 Term Loan Facility are not subject to amortization and are not guaranteed by, or secured by any assets of, the Company or any of its subsidiaries. As of both March 31, 2026 and December 31, 2025, the Company had $600 million outstanding under the 2025 Term Loan Facility and accrued interest at rates of 4.79% and 4.85%, respectively.

The fair value of the 2025 Term Loan Facility as of March 31, 2026 and December 31, 2025, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Debt Covenants

The Company’s outstanding debt instruments are subject to certain provisions and covenants, as more fully described in Note 8 – Debt in the Company’s 2025 Form 10-K. MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both March 31, 2026 and December 31, 2025.

Additional Information

As of March 31, 2026 and December 31, 2025, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $15.8 million and $16.0 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 8 – Debt in the Company’s 2025 Form 10-K.