QUANTA SERVICES, INC.
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
8. Debt Obligations
- DEBT OBLIGATIONS:
Quanta’s long-term debt obligations consisted of the following (in thousands):
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| 4.75% Senior Notes due August 2027 | $600,000 | $600,000 |
| 2.90% Senior Notes due October 2030 | 1,000,000 | 1,000,000 |
| 2.35% Senior Notes due January 2032 | 500,000 | 500,000 |
| 5.25% Senior Notes due August 2034 | 650,000 | 650,000 |
| 3.05% Senior Notes due October 2041 | 500,000 | 500,000 |
| Borrowings under senior credit facility (including Term Loan) | 693,750 | 735,445 |
| Borrowings under commercial paper program | 600,000 | — |
| Lease financing transactions | 175,332 | 155,549 |
| Other long-term debt | 3,368 | 4,939 |
| Finance leases | 47,242 | 47,993 |
| Unamortized discount and financing costs | (29,067) | (31,490) |
| Total long-term debt obligations | 4,740,625 | 4,162,436 |
| Less — Current maturities of long-term debt | 86,782 | 62,680 |
| Total long-term debt obligations, net of current maturities | $4,653,843 | $4,099,756 |
Senior Notes
The interest amounts due on Quanta’s senior notes on each payment date are set forth below (dollars in thousands):
| Title of the Notes | Interest Amount | Payment Dates | Commencement Date |
|---|---|---|---|
| 4.75% Senior Notes due August 2027 | $14,250 | February 9 and August 9 | February 9, 2025 |
| 2.90% Senior Notes due October 2030 | $14,500 | April 1 and October 1 | April 1, 2021 |
| 2.35% Senior Notes due January 2032 | $5,875 | January 15 and July 15 | July 15, 2022 |
| 5.25% Senior Notes due August 2034 | $17,063 | February 9 and August 9 | February 9, 2025 |
| 3.05% Senior Notes due October 2041 | $7,625 | April 1 and October 1 | April 1, 2022 |
The fair value of Quanta’s senior notes was $2.98 billion as of June 30, 2025, compared to a carrying value of $3.22 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $28.3 million. The fair value of the senior notes is based on the quoted market prices for the same issue, and the senior notes are categorized as Level 1 liabilities.
Senior Credit Facility
As of June 30, 2025, the credit agreement for Quanta’s senior credit facility provided for a $750.0 million term loan facility and aggregate revolving commitments of $2.80 billion. Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands):
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Maximum amount outstanding | $761,550 | $888,448 | $761,550 | $888,448 |
| Average daily amount outstanding | $694,775 | $872,133 | $707,584 | $856,714 |
| Weighted-average interest rate | 5.63% | 6.76% | 5.68% | 6.78% |
As of June 30, 2025, Quanta was in compliance with all of the financial covenants under the credit agreement.
Term Loan. As of June 30, 2025, Quanta had $693.8 million outstanding under its term loan facility. The carrying amount of the term loan under Quanta’s senior credit facility approximates fair value due to its variable interest rate. The maturity date for the term loan facility is October 8, 2026.
Revolving Loans. As of June 30, 2025, Quanta hadno outstanding revolving loans under the senior credit facility.
Letters of Credit. As of June 30, 2025, Quanta had $69.1 million of letters of credit issued under the senior credit facility, of which $68.7 million were denominated in U.S. dollars and $0.4 million were denominated primarily in Canadian and Australian dollars. Additionally, available commitments for revolving loans under the senior credit facility must be maintained in order to provide credit support for notes issued under Quanta’s commercial paper program, and therefore such notes effectively reduce the available borrowing capacity under the senior credit facility.
As of June 30, 2025, $2.13 billion remained available under the senior credit facility for new revolving loans, letters of credit and support of the commercial paper program.
Subsequent to June 30, 2025, Quanta extended the maturity date for revolving loans under the credit agreement for its senior credit facility from July 31, 2029 to July 31, 2030.
Commercial Paper Program
As of June 30, 2025, Quanta had $600.0 million of outstanding unsecured notes under its commercial paper program, with a weighted average interest rate of 4.75%. The carrying amounts of the notes issued under Quanta’s commercial paper program approximate fair value, and all notes currently have a short maturity.
Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands):
| Three Months Ended · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Maximum amount outstanding | $897,500 | $554,500 | $897,500 | $705,900 |
| Average daily amount outstanding | $591,190 | $301,786 | $383,818 | $258,930 |
| Weighted-average interest rate | 4.90% | 5.55% | 4.82% | 5.67% |
On July 25, 2025, Quanta utilized $700.0 million of borrowings under its commercial paper program and availability under its revolving credit facility to finance the cash portion of the acquisition of Dynamic Systems.
Additional Letters of Credit
As of June 30, 2025, Quanta had $669.2 million of letters of credit issued outside of its senior credit facility, which were denominated in U.S. dollars.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.