Summit Materials to launch $550 million credit facility on Thursday

By Sara Rosenberg

New York, Jan. 10 - Summit Materials LLC is set to hold a bank meeting on Thursday to launch a proposed $550 million credit facility, according to a market source.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Securities LLC, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

The facility consists of a $150 million five-year revolver and a $400 million seven-year term loan B, the source said.

Proceeds will be used to refinance existing debt.

Summit Materials is based in Washington, D.C. The company acquires and grows heavy-side building materials companies in the aggregates, ready-mix concrete, cement, asphalt paving and construction industries.

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