New Issue: Summit Materials prices $300 million 5 1/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., May 24 – Summit Materials, Inc. priced a $300 million issue of eight-year senior notes (B3/BB-) at par to yield 5 1/8% on Wednesday, according to market sources.

The yield printed at the tight end of the 5 1/8% to 5 3/8% yield talk and in line with early guidance in the low 5% area.

BofA Merrill Lynch, Goldman Sachs & Co., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets and Barclays were the bookrunners for the quick-to-market deal.

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.

Issuer:	Summit Materials, LLC
Amount:	$300 million
Maturity:	June 1, 2025
Securities:	Senior notes
Bookrunners:	BofA Merrill Lynch, Goldman Sachs & Co., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, Barclays
Coupon:	5 1/8%
Price:	Par
Yield:	5 1/8%
Spread:	292 bps
Call protection:	Three years
Trade date:	May 24
Settlement date:	June 1
Ratings:	Moody's: B3
	S&P: BB-
Distribution:	Rule 144A and Regulation S
Price talk:	5 1/8% to 5 3/8%
Marketing:	Quick to market

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