MTZ - MasTec extends IEA exchange offer deadline after bondholder pressure

MasTec ( NYSE: MTZ ) -1.5% in Monday's trading after it extended the deadline for its consent solicitation and exchange offer on Infrastructure and Energy Alternatives' ( NASDAQ: IEA ) outstanding bonds to October 14.

MasTec ( MTZ ) has extended the deadline following bondholder complaints regarding the offer, as the company seeks to close its acquisition of IEA in October.

A bondholder group representing ~70% of outstanding IEA notes has formed to push back against the exchange offer, arguing that a change of control clause in the notes should have been triggered by the acquisition, Bloomberg previously reported.

In July, MasTec ( MTZ ) agreed to buy IEA in a cash and stock deal valued at ~$1.1B .

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