Martin Marietta, a leading supplier of building materials, has announced the pricing of its debt offering, comprising $750 million aggregate principal amount of 5.150% senior notes due 2034 and $750 million aggregate principal amount of 5.500% senior notes due 2054. The 2034 notes will be issued at 99.266% of par value, while the 2054 notes will be issued at 98.006% of par value.
The company plans to use a portion of the net proceeds from the notes to repay all outstanding borrowings under its revolving credit facility and trade receivables securitization facility. The remaining net proceeds are expected to be allocated to general corporate purposes, which may include financing potential acquisitions, land purchases, or other capital needs.
The offering is expected to close on November 4, 2024, subject to customary closing conditions, with Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Truist Securities, Inc., PNC Capital Markets LLC, and Wells Fargo Securities, LLC serving as underwriters and joint book-running managers for the offering.
As of now, Martin Marietta has filed a shelf registration statement on Form S-3 with the SEC for the offering. The company is a member of the S&P 500 index and operates across 28 states, Canada, and the Bahamas, providing building materials such as aggregates, cement, ready mixed concrete, and asphalt. Additionally, its magnesia specialties business produces high-purity magnesia and dolomitic lime products used globally in various applications. Today the company's shares have moved -1.8% to a price of $581.46. If you want to know more, read the company's complete 8-K report here.
