| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Vulcan Materials Co. > News item |
Vulcan accepts early tenders for $127.3 million 7% notes due 2018
By Toni Weeks
San Luis Obispo, Calif., March 30 – Vulcan Materials Co. said it took in early tenders for $127.3 million of its $400 million of 7% notes due 2018 by 5 p.m. ET on March 27, the early tender time. The company is tendering for up to $200 million principal amount of the notes.
The total purchase price for those notes will be $1,142.50 for each $1,000 principal amount and 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 Tendered notes may no longer be withdrawn.
The company also will pay accrued interest to but excluding the settlement date, which will 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, which has been satisfied. The company sold $400 million of 4˝% notes due 2025 on March 16, as previously reported by Prospect News.
Vulcan also will use proceeds of the new notes to fund the announced redemption of its 6.4% notes due 2017, as well as the planned redemption of $125 million of 6˝% notes due 2016, 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 Inc. (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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.