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Quanta Services (NYSE: PWR) issues three tranches of long-term senior notes

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Quanta Services, Inc. issued three tranches of senior unsecured notes on August 6, 2026: $500,000,000 of 4.850% Senior Notes due August 9, 2029, $750,000,000 of 5.300% Senior Notes due August 9, 2033, and $750,000,000 of 5.550% Senior Notes due August 9, 2036.

The notes are senior unsecured obligations, effectively junior to secured debt and structurally subordinated to liabilities of subsidiaries. Interest is payable semi-annually on February 9 and August 9, starting February 9, 2027. Each series is redeemable at Quanta’s option under formulas based on a Treasury Rate plus a spread and at 100% of principal after specified dates prior to maturity, and holders have a 101% repurchase right upon a Change of Control Triggering Event.

Positive

  • None.

Negative

  • None.

Filing Explained

The indenture governing the issued notes limits Quanta’s ability to incur liens securing certain debt, enter certain sale-and-leaseback transactions, or sell substantially all assets or merge; it also includes customary events of default.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Principal amount 2029 Notes $500,000,000 4.850% Senior Notes due August 9, 2029
Principal amount 2033 Notes $750,000,000 5.300% Senior Notes due August 9, 2033
Principal amount 2036 Notes $750,000,000 5.550% Senior Notes due August 9, 2036
Coupon rate 2029 Notes 4.850% Interest rate per annum on 2029 Notes
Coupon rate 2033 Notes 5.300% Interest rate per annum on 2033 Notes
Coupon rate 2036 Notes 5.550% Interest rate per annum on 2036 Notes
Change of control repurchase price 101% Purchase price of principal upon Change of Control Triggering Event
Change of Control Triggering Event financial
"Upon the occurrence of a Change of Control Triggering Event..."
A change of control triggering event is a corporate transaction or shift—such as a merger, sale of a majority of shares, or a new party gaining board control—that automatically activates specific contractual rights or penalties. Investors care because these triggers can accelerate debt repayment, alter executive compensation, terminate agreements, or prompt buyouts, and those outcomes can materially affect a company’s value, cash flow and stock price like a sudden change in who runs or owns a household.
Treasury Rate financial
"discounted ... at the Treasury Rate plus 10 or 15 basis points"
The treasury rate is the interest yield governments pay when they borrow by issuing debt securities; it represents the baseline cost of money set by a sovereign issuer. Investors use it as a benchmark because it helps value other investments, sets borrowing costs across the economy, and signals confidence in public finances—think of it as the financial equivalent of a ruler or reference price that many other rates and valuations are measured against.
sale and leaseback transactions financial
"limit the Company’s ability ... to engage in certain sale and leaseback transactions"
structurally subordinated financial
"are therefore structurally subordinated to all of the existing and future indebtedness"
senior unsecured obligations financial
"The Notes are the Company’s senior unsecured obligations and rank equally in right of payment"
Senior unsecured obligations are loans or bonds that a company promises to pay back with its own money, but without any special guarantees or collateral. If the company runs into financial trouble, these debts are paid after other debts with priority, meaning they are less protected but still important. They matter because they show how risky it is to lend money to a company.

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FAQ

What debt securities did Quanta Services (PWR) issue on August 6, 2026?
Quanta Services issued $500,000,000 of 4.850% Senior Notes due 2029, $750,000,000 of 5.300% Senior Notes due 2033, and $750,000,000 of 5.550% Senior Notes due 2036, all as senior unsecured obligations under its existing indenture structure.

What are the interest rates and payment dates on Quanta Services (PWR) new notes?
The 2029, 2033 and 2036 notes bear interest at 4.850%, 5.300% and 5.550% per annum, respectively. Interest is paid semi-annually in arrears on February 9 and August 9 each year, beginning February 9, 2027, for all three series.

When do Quanta Services (PWR) new senior notes mature?
The new senior notes mature on August 9, 2029 for the 4.850% series, August 9, 2033 for the 5.300% series, and August 9, 2036 for the 5.550% series, unless they are redeemed earlier in accordance with their terms.

What redemption options does Quanta Services (PWR) have for these notes?
Before specified dates prior to maturity, Quanta may redeem the notes, in whole or in part, at a price based on a Treasury Rate plus 10 or 15 basis points. After those dates, each series is redeemable at 100% of principal plus accrued interest.

What protections do Quanta Services (PWR) noteholders have in a change of control?
If a Change of Control Triggering Event occurs and the notes are not earlier redeemed, each holder can require Quanta to purchase their notes in $2,000 and $1,000 multiples at 101% of principal plus accrued and unpaid interest to the purchase date.

How are Quanta Services (PWR) new notes ranked in its capital structure?
The notes are senior unsecured obligations ranking equally with Quanta’s other senior unsecured debt. They are effectively junior to any secured indebtedness up to the value of collateral and are structurally subordinated to all liabilities of Quanta’s subsidiaries.
false 0001050915 0001050915 2026-08-06 2026-08-06
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

August 6, 2026

 

 

Quanta Services, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

  Delaware  
  (State or other jurisdiction of incorporation)  
001-13831     74-2851603
(Commission
File No.)		     (IRS Employer
Identification No.)

2727 North Loop West

Houston, Texas 77008

(Address of principal executive offices, including ZIP code)

(713) 629-7600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of exchange
on which registered

Common Stock, $0.00001 par value   PWR   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

Item 1.01

Entry into a Material Definitive Agreement.

On August 6, 2026 (the “Closing Date”), Quanta Services, Inc. (the “Company”) issued (i) $500,000,000 aggregate principal amount of its 4.850% Senior Notes due 2029 (the “2029 Notes”), (ii) $750,000,000 aggregate principal amount of its 5.300% Senior Notes due 2033 (the “2033 Notes”) and (iii) $750,000,000 aggregate principal amount of its 5.550% Senior Notes due 2036 (the “2036 Notes,” and together with the 2029 Notes and the 2033 Notes, the “Notes”). The Notes were sold pursuant to an underwriting agreement, dated as of August 3, 2026 (the “Underwriting Agreement”), by and among the Company and BofA Securities, Inc., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, PNC Capital Markets LLC and Truist Securities, Inc., as representatives of the several underwriters named in Schedule A to the Underwriting Agreement, as previously reported on the Company’s Current Report on Form 8-K filed on August 4, 2026.

The 2029 Notes were issued under the indenture, dated as of September 22, 2020, between the Company, as issuer, and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the “Trustee”) (the “Base Indenture”), as supplemented and amended by the tenth supplemental indenture, dated as of August 6, 2026, between the Company and the Trustee (the “Tenth Supplemental Indenture”). Interest on the 2029 Notes will accrue at a rate of 4.850% per annum and is payable semi-annually, in arrears, on February 9 and August 9 of each year, commencing February 9, 2027. The 2029 Notes will mature on August 9, 2029, unless earlier redeemed.

The 2033 Notes were issued under the Base Indenture, as supplemented and amended by the eleventh supplemental indenture, dated as of August 6, 2026, between the Company and the Trustee (the “Eleventh Supplemental Indenture”). Interest on the 2033 Notes will accrue at a rate of 5.300% per annum and is payable semi-annually, in arrears, on February 9 and August 9 of each year, commencing February 9, 2027. The 2033 Notes will mature on August 9, 2033, unless earlier redeemed.

The 2036 Notes were issued under the Base Indenture, as supplemented and amended by the twelfth supplemental indenture, dated as of August 6, 2026, between the Company and the Trustee (the “Twelfth Supplemental Indenture,” and together with the Base Indenture, the Tenth Supplemental Indenture and the Eleventh Supplemental Indenture, the “Indenture”). Interest on the 2036 Notes will accrue at a rate of 5.550% per annum and is payable semi-annually, in arrears, on February 9 and August 9 of each year, commencing February 9, 2027. The 2036 Notes will mature on August 9, 2036, unless earlier redeemed.

The Notes are the Company’s senior unsecured obligations and rank equally in right of payment with the Company’s existing and future senior unsecured indebtedness. The Notes are effectively junior to the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. The Notes are not guaranteed by any of the Company’s subsidiaries and are therefore structurally subordinated to all of the existing and future indebtedness and other liabilities of the Company’s subsidiaries, including trade payables.

Prior to July 9, 2029 (one month prior to their maturity date), the 2029 Notes will be redeemable, at the Company’s option, in whole or in part, at any time and from time to time, at a price equal to the greater of (a) (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2029 Notes matured on the Par Call Date (as defined in the Tenth Supplemental Indenture)) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Tenth Supplemental Indenture) plus 10 basis points less (ii) interest accrued to the date of redemption and (b) 100% of the principal amount of the 2029 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to (but excluding) the redemption date. Commencing on July 9, 2029, the Company may redeem the 2029 Notes, in whole or in part, at any time and from time to time, at the Company’s option, at a redemption price equal to 100% of the principal amount of the 2029 Notes being redeemed plus accrued and unpaid interest thereon to (but excluding) the redemption date.

Prior to June 9, 2033 (two months prior to their maturity date), the 2033 Notes will be redeemable, at the Company’s option, in whole or in part, at any time and from time to time, at a price equal to the greater of (a) (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2033 Notes matured on the Par Call Date (as defined in the Eleventh Supplemental Indenture)) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury

Rate (as defined in the Eleventh Supplemental Indenture) plus 15 basis points less (ii) interest accrued to the date of redemption and (b) 100% of the principal amount of the 2033 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to (but excluding) the redemption date. Commencing on June 9, 2033, the Company may redeem the 2033 Notes, in whole or in part, at any time and from time to time, at the Company’s option, at a redemption price equal to 100% of the principal amount of the 2033 Notes being redeemed plus accrued and unpaid interest thereon to (but excluding) the redemption date.

Prior to May 9, 2036 (three months prior to their maturity date), the 2036 Notes will be redeemable, at the Company’s option, in whole or in part, at any time and from time to time, at a price equal to the greater of (a) (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2036 Notes matured on the Par Call Date (as defined in the Twelfth Supplemental Indenture)) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Twelfth Supplemental Indenture) plus 15 basis points less (ii) interest accrued to the date of redemption and (b) 100% of the principal amount of the 2036 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to (but excluding) the redemption date. Commencing on May 9, 2036, the Company may redeem the 2036 Notes, in whole or in part, at any time and from time to time, at the Company’s option, at a redemption price equal to 100% of the principal amount of the 2036 Notes being redeemed plus accrued and unpaid interest thereon to (but excluding) the redemption date.

Upon the occurrence of a Change of Control Triggering Event (as defined in the Indenture), unless the Company has exercised its right to redeem the Notes in full by giving irrevocable notice to the Trustee in accordance with the Indenture, each holder of the Notes will have the right to require the Company to purchase all or a portion (equal to $2,000 or whole multiples of $1,000 in excess thereof) of such holder’s Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest thereon to (but excluding) the date of purchase.

The Indenture contains covenants that, among other things, limit the Company’s ability to incur liens securing certain indebtedness, to engage in certain sale and leaseback transactions with respect to certain properties and to sell all or substantially all of the Company’s assets or merge or consolidate with or into other companies. The Indenture also contains customary events of default.

The foregoing description of the Indenture and the Notes does not purport to be complete and is qualified in its entirety by reference to the full text of the Base Indenture, the Tenth Supplemental Indenture, the Eleventh Supplemental Indenture, the Twelfth Supplemental Indenture, the form of 2029 Note, the form of 2033 Note and the form of 2036 Note, copies of which are filed as Exhibits 4.1, 4.2, 4.3, 4.4, 4.5, 4.6 and 4.7, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

 

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K with respect to the Indenture and the Notes is incorporated herein by reference in its entirety.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number    Description
4.1    Indenture, dated September 22, 2020, between Quanta Services, Inc. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (previously filed as Exhibit 4.1 to the Company’s Form 8-K filed September 25, 2020 and incorporated therein by reference).
4.2    Tenth Supplemental Indenture, dated as of August 6, 2026, between Quanta Services, Inc. and U.S. Bank Trust Company, National Association, as trustee.
4.3    Eleventh Supplemental Indenture, dated as of August 6, 2026, between Quanta Services, Inc. and U.S. Bank Trust Company, National Association, as trustee.
4.4    Twelfth Supplemental Indenture, dated as of August 6, 2026, between Quanta Services, Inc. and U.S. Bank Trust Company, National Association, as trustee.
4.5    Form of 4.850% Senior Notes due 2029 (incorporated by reference from Exhibit 4.2).
4.6    Form of 5.300% Senior Notes due 2033 (incorporated by reference from Exhibit 4.3).
4.7    Form of 5.550% Senior Notes due 2036 (incorporated by reference from Exhibit 4.4).
5.1    Opinion of Latham & Watkins LLP.
23.1    Consent of Latham & Watkins LLP (included in Exhibit 5.1 hereto).
104    Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated August 6, 2026   Quanta Services, Inc.
    By:  

/s/ Jayshree Desai

      Name: Jayshree Desai
      Title: Chief Financial Officer

Source: View Original Filing on SEC EDGAR

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