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U.S. Concrete to price $300 million 8.5-year notes on Wednesday; initial talk mid-5% area
By Paul A. Harris
Portland, Ore., Sept. 8 – U.S. Concrete, Inc. plans to price a $300 million offering of senior notes (existing ratings B3/BB-) due March 2029 on Wednesday, according to market sources.
Initial talk has the Rule 144A and Regulation S deal coming to yield in the mid-5% area, a trader said.
BofA Securities Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Capital One Securities Inc., MUFG, RBC Capital Markets Corp. and Truist Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S for life offering.
The notes become callable after three years at par plus 50% of the coupon.
The Euless, Tex.-based producer of concrete and heavy construction aggregates plans to use the proceeds, together with available borrowings under its revolver, to redeem $300 million of the $600 million outstanding 6 3/8% senior notes due 2024.
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