Tutor Perini Corp. late Monday said it sold $300 million in senior notes, proceeds of which may be used for acquisitions, stock repurchases and other corporate purposes.
The Sylmar engineering construction company said the notes will pay an interest rate of 7.625 percent and mature in 2018. They will be sold to qualified institutional buyers, with closing expected to occur Oct. 20.
The announcement was made a few hours before the markets closed. Shares closed up 65 cents, or 3 percent, to $22.31 on the New York Stock Exchange.
