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.