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Vulcan Materials tenders for up to $200 million of 7% notes due 2018
By Susanna Moon
Chicago, March 16 – Vulcan Materials Co. said it began a tender offer for up to $200 million principal amount of its $400 million of 7% notes due 2018.
The total purchase price will be $1,142.50 for each $1,000 principal amount of notes tendered by 5 p.m. ET on March 27, the early tender date.
The total payment includes an early tender premium of $30.00 per $1,000 principal amount.
Those who tender after the early tender date will receive $1,112.50 per $1,000 of notes.
The tender offer will end at 11:59 p.m. ET on April 10. Tendered notes may be withdrawn by the early tender date.
The company also will pay accrued interest to but excluding the settlement date, which is expected to be March 30 for early tendered notes and “promptly” after the offer ends for remaining tenders.
The tender offer is not conditioned on any minimum amount of notes being tendered but is conditioned on the completion of the company closing a public offering of new notes with proceeds of at least $400 million, according to a company press release.
Vulcan also will use proceeds of its $400 million of new notes due 2025 to fund the announced redemption of its 6.4% notes due 2017, as well as the planned redemption of $125 million of its 6.5% notes due 2016 and the planned redemption of $6 million of its 8.85% notes due 2021 and the planned $14 million prepayment of its floating-rate notes due 2022.
BofA Merrill Lynch (888 292-0070 or 980 387-2113 collect), Wells Fargo Securities (866 309-6316), SunTrust Robinson Humphrey (404 926-5047 collect) and US Bancorp (877 558-2607 or 612 336-7604 collect) are the joint dealer managers. Goldman Sachs & Co. and Regions Securities LLC are the co-dealer managers.
The tender agent and information agent is D.F. King & Co., Inc. (866 751-6309 or 212 269-5550).
The Birmingham, Ala., company produces construction aggregates, primarily crushed stone, sand and gravel.
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