Martin Marietta Materials to repay $200 million of revolver

By Tali Rackner

Minneapolis, May 17 – Martin Marietta Materials, Inc. plans to repay about $200 million of the debt outstanding under its revolving credit facility maturing Dec. 5, 2021 using the proceeds from two new note offerings, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used to repay roughly $95 million of the debt outstanding under its trade receivables facility and fully refinance the $300 million aggregate principal amount of its floating-rate notes scheduled to mature on June 30, 2017.

The company announced plans to issue new floating-rate senior notes due 2020 and fixed-rate senior notes due 2027. It expects the net proceeds will be about $595 million.

Martin Marietta is a Raleigh, N.C.-based producer of aggregates for the construction industry.

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