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Vulcan prices tender offer for $600 million of 7.5% notes due 2021
By Susanna Moon
Chicago, Dec. 22 – Vulcan Materials Co. said it priced the cash tender offer for its $600 million of outstanding 7.5% notes due 2021 at 11 a.m. ET on Dec. 22.
The purchase price was set at $1,170.24 per $1,000 principal amount using the 1.875% Treasury note due Dec. 15, 2020 plus 35 basis points for a reference yield of 2.003%, according to a press release.
The issuer was tendering for the notes from Dec. 18 until 5 p.m. ET on Dec. 22.
The issuer also will pay accrued interest up to but excluding the settlement date of Dec. 28.
Holders whose notes are not repurchased in the tender will instead receive a make-whole redemption price using the redemption spread of 50 bps over the yield of the U.S. Treasury security plus accrued interest to the redemption date of Jan. 17, according to a previous announcement.
BofA Merrill Lynch (888 292-0070 or 980 388-3646) is the dealer manager. D.F. King & Co. (212 269-5550, 877 361-7972 or dfking.com/vmc) is the tender and information agent.
Vulcan Materials is a Birmingham, Ala., producer of construction aggregates.
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