
Description	Maturity Date	September 30, 2026		December 31, 2025
Senior credit facility:	June 26, 2030
Revolving loans		$	1,042.2	$	118.0
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
5.850% Senior Notes	September 30, 2036	650.0		—
2025 Term Loan Facility	June 26, 2028	150.0		600.0
2026 Term Loan Facility:
Three-Year Tranche	July 20, 2029	400.0		—
Four-Year Tranche	July 19, 2030	300.0		—
Finance lease and other obligations		498.9		405.3
Total debt obligations		$	4,191.1	$	2,345.6
Less unamortized discount and deferred financing costs		(22.6)		(14.9)
Total debt obligations, net		$	4,168.5	$	2,330.7
Current portion of long-term debt		180.7		154.3
Long-term debt		$	3,987.8	$	2,176.4

The Company maintains a senior unsecured credit facility (the “Credit Facility”), which is composed of revolving commitments and matures on June 26, 2030. On July 7, 2026, the Credit Facility was amended to increase the aggregate revolving commitments from $1.9 billion to $2.25 billion. The other terms and conditions of the Credit Facility remain unchanged.

As of September 30, 2026 and December 31, 2025, outstanding revolving loans accrued interest at weighted average rates of approximately 5.09% and 4.56% per annum, respectively, and included $42.2 million and $43.0 million, respectively, of borrowings denominated in Canadian dollars. Letters of credit of approximately $81.7 million and $57.1 million were issued as of September 30, 2026 and December 31, 2025, respectively. As of both September 30, 2026 and December 31, 2025, letter of credit fees accrued at 0.4375% per annum for performance standby letters of credit, and at 1.250% per annum for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.

As of September 30, 2026 and December 31, 2025, availability for revolving loans totaled $1,126.1 million and $1,724.9 million, respectively, or up to $668.3 million and $692.9 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $257.8 million and $257.0 million of availability in either Canadian dollars or Mexican pesos as of September 30, 2026 and December 31, 2025, respectively. The unused facility fee as of both September 30, 2026 and December 31, 2025 accrued at a rate of 0.175% per annum.

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 September 30, 2026 and December 31, 2025, letters of credit issued under this facility totaled $16.3 million and $33.4 million, respectively, which accrued fees at 0.50% per annum for both periods. Additionally, in October 2026, the Company entered into a new letter of credit agreement providing for the issuance of up to $100 million in aggregate of performance and financial standby letters of credit.

4.500% Senior Notes. As of both September 30, 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 $586.7 million and $595.7 million, respectively.

5.900% Senior Notes. As of both September 30, 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 $550.8 million and $574.1 million, respectively.

6.625% Senior Notes. As further described below, the Company used a portion of the net proceeds from the 5.850% Senior Notes (as defined below) to redeem the $74.9 million aggregate principal amount of the 6.625% Senior Notes that would have otherwise matured on August 15, 2029 (the “6.625% Senior Notes”).

5.850% Senior Notes. On August 17, 2026, the Company completed an offering of $650 million aggregate principal amount of 5.850% senior unsecured notes due September 30, 2036 (the “5.850% Senior Notes”). Interest on the 5.850% Senior Notes is payable semiannually in arrears on March 30 and September 30 of each year, beginning on March 30, 2027. The 5.850% Senior Notes are senior unsecured obligations of the Company and rank equally with all of the Company’s other senior unsecured indebtedness. The 5.850% 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. As of September 30, 2026, the estimated fair value of the Company’s 5.850% Senior Notes totaled approximately $617.3 million.

The Company has the option to redeem all or a portion of the 5.850% Senior Notes at the redemption prices specified in the indenture that governs the 5.850% Senior Notes (the “5.850% 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 5.850% Senior Notes Indenture, occurs, each holder of the 5.850% Senior Notes will have the right to require the Company to repurchase all or any portion of such holder’s 5.850% Senior Notes then outstanding at a price equal to 101% of the principal amount of the 5.850% Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, subject to the right of holders of 5.850% Senior Notes on the relevant record date to receive interest due on the relevant interest payment date.

The 5.850% 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 5.850% 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 5.850% 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 5.850% Senior Notes then outstanding may declare the principal amount, premium, if any, and accrued interest on all of the 5.850% Senior Notes to be immediately due and payable.

The Company used a portion of the net proceeds from the 5.850% Senior Notes offering to repay $450 million of the $600 million senior unsecured term loan facility (the “2025 Term Loan Facility”) and redeem the $74.9 million aggregate principal amount of the 6.625% Senior Notes that would have otherwise matured on August 15, 2029. The redemption was completed on August 17, 2026 (the “Redemption Date”) at a redemption price equal to 100% of the aggregate principal amount of the 6.625% Senior Notes redeemed, plus accrued and unpaid interest to, but not including, the Redemption Date. The remaining net proceeds were used for working capital and other general corporate purposes.

As described above, the Company used a portion of the net proceeds from the 5.850% Senior Notes to repay $450 million of the original $600 million aggregate principal amount under the 2025 Term Loan Facility, which matures on June 26, 2028. As of September 30, 2026 and December 31, 2025, outstanding borrowings were $150 million and $600 million, respectively, and accrued interest at rates of 5.03% and 4.85%, respectively. Such borrowings are not subject to amortization and are not guaranteed by, or secured by any assets of, the Company or any of its subsidiaries. The fair value of the 2025 Term Loan Facility as of September 30, 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.

On July 7, 2026, the Company entered into a new senior unsecured delayed draw term loan agreement (the “2026 Term Loan Facility”), providing $700 million in delayed draw term loan commitments (the “Term Loan Commitments”), consisting of $400 million of three-year commitments (the “Three-Year Tranche”) and $300 million of four-year commitments (the “Four-Year Tranche”). The Term Loan Commitments were fully drawn in July 2026, and were used to finance a portion of the cash consideration for the acquisition of Superior and related transaction and financing costs. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net for additional information. The Three-Year Tranche will mature on July 20, 2029 and the Four-Year Tranche will mature on July 19, 2030. Loans under the Three-Year Tranche are not subject to amortization. Loans under the Four-Year Tranche will be amortized in quarterly principal installments of $3.75 million commencing on

December 31, 2027 and will increase to $7.5 million on December 31, 2028, until maturity, subject to the application of certain prepayments. As of September 30, 2026, the Company had $700 million outstanding under the 2026 Term Loan Facility. The fair value of the 2026 Term Loan Facility as of September 30, 2026, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Outstanding loans under the Three-Year Tranche bear interest, at the Company’s option, at a rate equal to either (a) Term Secured Overnight Financing Rate (“SOFR”), as defined in the 2026 Term Loan Facility, plus a margin of 1.000% to 1.500%, or (b) Base Rate, as defined below, plus a margin of up to 0.500%. Outstanding loans under the Four-Year Tranche bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR plus a margin of 1.125% to 1.625%, or (b) Base Rate, 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 2026 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 2026 Term Loan Facility, as of the most recent fiscal quarter. As of September 30, 2026, the 2026 Term Loan Facility accrued interest at a rate of 5.20%.

The obligations under the 2026 Term Loan Facility are not guaranteed and are not secured by any assets of the Company or any of its subsidiaries. The 2026 Term Loan Facility contains 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 2026 Term Loan Facility provides 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. The 2026 Term Loan Facility requires the Company to maintain a Consolidated Leverage Ratio, as defined in the 2026 Term Loan Facility, 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 2026 Term Loan Facility.

The Company’s outstanding debt instruments are subject to certain provisions and covenants, as more fully described above and 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 September 30, 2026 and December 31, 2025.

The Company recorded deferred financing costs and debt discounts of $12.2 million in connection with the amendment to the Credit Facility, the 2026 Term Loan Facility, and the 5.850% Senior Notes offering, including $2.2 million of debt discount associated with the 5.850% Senior Notes. These amounts are being amortized to interest expense using the effective interest method over the respective terms of those instruments.

As of September 30, 2026 and December 31, 2025, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $21.8 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.

For the three months ended September 30, 2026, the Company recognized a pre-tax debt extinguishment loss of $3.2 million, including the write-off of unamortized debt discount associated with the redemption of the $74.9 million 6.625% Senior Notes and unamortized deferred financing costs associated with the repayment of $450 million of the $600 million outstanding under the 2025 Term Loan Facility, which is separately presented within the Company’s consolidated statements of operations.