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Summit Materials whispers $300 million eight-year notes at low 5% area; pricing Wednesday
By Paul A. Harris
Portland, Ore., May 24 – Summit Materials, Inc. is whispering a $300 million offering of eight-year senior notes (expected ratings B3/BB-) to yield in the low 5% area, according to an investor.
The Rule 144A and Regulation S deal, being managed by BofA Merrill Lynch, is expected to price on Wednesday.
The notes come with three years of call protection.
The Denver-based vertically integrated supplier of aggregates, cement, ready-mix concrete and asphalt plans to use the proceeds to fund acquisitions, with any remaining proceeds to be used for general corporate purposes.
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