Martin Marietta Announces Pricing Terms of Debt Offering
June 21 2021 - 5:43PM
Martin Marietta Materials, Inc. (NYSE:MLM) (“Martin Marietta” or
the “Company”) announced today the pricing of its offering of $700
million aggregate principal amount of 0.650% Senior Notes due 2023
(the “2023 Notes”), $900 million aggregate principal amount of
2.400% Senior Notes due 2031 (the “2031 Notes”) and $900 million
aggregate principal amount of 3.200% Senior Notes due 2051 (the
“2051 Notes” and, together with the 2023 Notes and the 2031 Notes,
the “Notes”). The 2023 Notes will mature on July 15, 2023, will
have an interest rate of 0.650% per annum and will be issued at
99.988% of par value. The 2031 Notes will mature on July 15,
2031, will have an interest rate of 2.400% per annum and will be
issued at 99.937% of par value. The 2051 Notes will mature on
July 15, 2051, will have an interest rate of 3.200% per annum and
will be issued at 99.197% of par value. Interest on each
series of Notes will be paid semiannually on January 15 and July
15, commencing January 15, 2022. The Notes will be sold pursuant to
Martin Marietta’s shelf registration statement, base prospectus and
prospectus supplement on file with the Securities and Exchange
Commission (“SEC”).
The net proceeds of the 2031 Notes and the 2051
Notes are expected to be used, together with cash on hand, to pay
the consideration for the Company’s previously announced
acquisition of the Lehigh West Region Business (the “Acquisition”)
and to pay related fees and expenses. The net proceeds of the 2023
Notes are expected to be used for general corporate purposes, which
may include funding acquisitions (including without limitation the
Acquisition) or repaying indebtedness. Closing of the offering is
expected to occur on July 2, 2021, subject to the satisfaction of
customary closing conditions.
Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC, Truist Securities, Inc. and Wells Fargo Securities,
LLC will serve as underwriters and joint book-running managers for
the offering.
Martin Marietta has filed a shelf registration
statement on Form S-3 (including a base prospectus) with the SEC
for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration
statement and the prospectus supplement thereto and the other
documents that Martin Marietta has filed or will file with the SEC
for more complete information about Martin Marietta and this
offering. The offering will be made only pursuant to the terms of
the relevant prospectus supplement (including the prospectus).
These documents will be available at no charge by visiting EDGAR on
the SEC website at www.sec.gov. Alternatively, these documents
will be made available upon request to any underwriter
participating in the offering. Interested parties may obtain a
prospectus and the related prospectus supplement from Deutsche Bank
Securities Inc., 60 Wall Street, New York, New York 10005, Attn:
Prospectus Group by telephone at (800) 503-4611 or by email at
prospectus.CPDG@db.com; J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, New York 10179, Attn: Investment Grade Syndicate
Desk—3rd Floor or by telephone at (212) 834-4533; Truist
Securities, Inc., 303 Peachtree Street, Atlanta, Georgia 30308,
Attention: Prospectus Dept or by telephone at (800) 685-4786; and
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attention: WFS Customer Service by telephone
at (800) 645-3751 or by email at
wfscustomerservice@wellsfargo.com.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any securities. Offers
of securities will be made only by means of a prospectus filed with
the SEC. The prospectus is part of a shelf registration statement
that has become effective under the Securities Act of 1933, as
amended.
Company Description
Martin Marietta, a member of the S&P 500
Index, is an American-based company and a leading supplier of
building materials, including aggregates, cement, ready mixed
concrete and asphalt. Through a network of operations spanning 26
states, Canada and the Bahamas, dedicated Martin Marietta teams
supply the resources for building the solid foundations on which
our communities thrive. Martin Marietta’s Magnesia Specialties
business produces high-purity magnesia and dolomitic lime products
used worldwide in environmental, industrial, agricultural and
specialty applications.
Investor Contact: Suzanne Osberg Vice President,
Investor Relations(919)
783-4691Suzanne.Osberg@martinmarietta.com
MLM-G
Cautionary Statement About
Forward-Looking Statements
Investors are cautioned that all statements in
this release that relate to the future involve risks and
uncertainties, and are based on assumptions that the Company
believes in good faith are reasonable but which may be materially
different from actual results. These statements, which are
forward-looking statements under the Private Securities Litigation
Reform Act of 1995, give the investor the Company’s expectations or
forecasts of future events. You can identify these statements by
the fact that they do not relate only to historical or current
facts. They may use words such as “guidance”, “anticipate”,
“expect”, “should”, “believe”, “will”, and other words of similar
meaning in connection with future events or future operating or
financial performance. Any or all of our forward-looking statements
here and in other publications may turn out to be wrong.
Statements and assumptions on future revenues,
income and cash flows, performance, economic trends, the outcome of
litigation, regulatory compliance and environmental remediation
cost estimates are examples of forward-looking statements. Numerous
factors could affect our forward-looking statements and actual
performance. In addition, other risks and uncertainties not
presently known to us or that we currently consider immaterial
could affect the accuracy of our forward-looking statements.
Except as required by law, we undertake no
obligation to update any forward-looking statements in order to
reflect any event or circumstance that may arise after the date of
this press release.
You should consider these forward-looking
statements in light of risk factors discussed in the preliminary
prospectus supplement filed with the SEC on June 21, 2021 and those
in our Annual Report on Form 10-K for the year ended December 31,
2020 and other periodic filings made with the SEC. All of our
forward-looking statements should be considered in light of these
factors. In addition, other risks and uncertainties not presently
known to us or that we consider immaterial could affect the
accuracy of our forward-looking statements, or adversely affect or
be material to the Company. The Company assumes no obligation to
update any such forward-looking statements.
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