MasTec released its Q4/16 results, which included an amended credit facility arranged by Bank of America and SunTrust Bank that increased the company’s borrowing capacity to $1.5 billion.

Jose Mas, MasTec’s CEO, commented, “We exceeded our fourth quarter expectations, driven primarily by improved productivity in our Oil & Gas segment. We also signed pipeline contracts approximating $1.7 billion during the quarter, ending the year, as expected, with record Oil & Gas segment backlog. We expect record results for our Oil & Gas segment in 2017 and continue to have clear visibility to continued opportunities in this segment for several years.”

The amended senior secured credit facility was increased by $250 million to $1.5 billion and the maturity date was extended to February 2022. The amended credit facility contains more favorable terms and provides additional flexibility for borrowings in foreign currencies.

George Pita, MasTec’s EVP and CFO said, “We had strong financial performance and working capital management during 2016, enabling us to significantly improve our leverage ratios, despite the working capital usage associated with over $900 million in organic revenue growth during the year. We appreciate the continued support and confidence of the financial institutions involved in our credit facility. The amended facility further strengthens our capital structure and liquidity, allowing us full financial flexibility to take advantage of the significant growth opportunities in the markets we serve.”