Smyrna Ready Mix upsizes eight-year bonds to $830 million, sets 5¾%-6% talk, withdraws bank loan

By Paul A. Harris

Portland, Ore., Oct. 29 – Smyrna Ready Mix Concrete, LLC upsized its offering of eight-year senior secured notes (B1/B+) to $830 million from $515 million after withdrawing its $315 million term loan from the market and shifting that entire amount to the notes offering, a market source said late Thursday.

Talk has the notes coming to yield 5¾% to 6%, well wide of initial talk in the 5% area.

Books close Friday morning, and the deal is set to price thereafter.

J.P. Morgan Securities LLC is leading the offering.

The notes come with three years of call protection.

The Nashville-based manufacturer and retailer of ready-mixed concrete plans to use the proceeds to fund several pending acquisitions.

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