EULESS, Texas, Sept. 23, 2020 /PRNewswire/ -- U.S.
Concrete, Inc. (NASDAQ: USCR) (the "Company" or "U.S. Concrete")
announced today the closing of its offering of $400 million aggregate principal amount of its
5.125% senior notes due 2029 (the "Notes") at an issue price of
100% of the aggregate principal amount of the Notes. The Notes will
mature on March 1, 2029, unless
redeemed in accordance with their terms prior to such date.
The Notes are senior unsecured obligations of the Company and
are guaranteed on a senior unsecured basis by each of the Company's
restricted subsidiaries that guarantees any of the Company's
indebtedness or indebtedness of any restricted subsidiary (other
than a foreign subsidiary or domestic subsidiary thereof that
guarantees only indebtedness incurred by a foreign subsidiary or
domestic subsidiary thereof).
The Company intends to use the net proceeds from the offering,
together with available borrowings under the Company's senior
secured asset-based revolving credit facility, to redeem
$400 million in aggregate principal
amount of the Company's outstanding 6.375% senior unsecured notes
due 2024, and to pay fees and expenses related to the
foregoing.
The Notes were offered and sold only to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the "Securities
Act"), and outside the United
States to certain non-U.S. persons in compliance with
Regulation S under the Securities Act.
The Notes have not been and will not be registered under the
Securities Act or any state securities laws and may not be offered
or sold in the United States
absent registration under the Securities Act or an applicable
exemption from the registration requirements of the Securities
Act.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
ABOUT U.S. CONCRETE
U.S. Concrete, Inc. (NASDAQ: USCR) is a leading supplier of
aggregates and concrete for infrastructure, residential and
commercial projects across the country. The Company holds leading
market positions in the high-growth metropolitan markets of
Dallas/Fort Worth, San Francisco, New
York City, Philadelphia,
and Washington, D.C., and its
materials have been used in some of the most complex and highly
specialized construction projects of the last decade. U.S. Concrete
has continued to grow organically and through a series of strategic
acquisitions of independent producers in its target markets.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements and information provided in this press
release are "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements
include, without limitation, statements concerning plans,
objectives, goals, projections, strategies, future events or
performance, and underlying assumptions and other statements, which
are not statements of historical facts. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"will," "intend," "should," "expect," "plan," "anticipate,"
"believe," "estimate," "outlook," "predict," "potential" or
"continue," the negative of such terms or other comparable
terminology. These forward-looking statements, which are subject to
risks, uncertainties and assumptions about us, may include
projections of our future financial performance, our anticipated
growth strategies and anticipated trends in our business. These
statements are predictions based on our current expectations and
projections about future events which we believe are reasonable.
Actual events or results may differ materially.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. We believe
that these risks and uncertainties include, but are not limited to:
general economic and business conditions, which will, among other
things, affect demand for residential and commercial construction;
our ability to successfully implement our operating strategy; our
ability to successfully identify, manage, and integrate
acquisitions; governmental requirements and initiatives, including
those related to mortgage lending, financing or deductions, funding
for public or infrastructure construction, land usage, and
environmental, health, and safety matters; seasonal and inclement
weather conditions, which impede the installation of ready-mixed
concrete; the cyclical nature of, and changes in, the real estate
and construction markets, including pricing changes by our
competitors; our ability to maintain favorable relationships with
third parties who supply us with equipment and essential supplies;
our ability to retain key personnel and maintain satisfactory labor
relations; disruptions, uncertainties or volatility in the credit
markets that may limit our, our suppliers' and our customers'
access to capital; product liability, property damage, results of
litigation and other claims and insurance coverage issues; our
substantial indebtedness and the restrictions imposed on us by the
terms of our indebtedness; the effects of currency fluctuations on
our results of operations and financial condition; the length and
severity of the novel coronavirus ("COVID-19") pandemic; the pace
of recovery following the COVID-19 pandemic; our ability to
implement cost containment strategies; and the adverse effects of
COVID-19 on our business, the economy and the markets we serve.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
Moreover, neither we nor any other person assumes responsibility
for the accuracy and completeness of the forward-looking
statements. All written and oral forward-looking statements made in
connection with this press release that are attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by the "Risk Factors" in our Annual Report on Form 10-K
and our Quarterly Reports on Form 10-Q filed with the Securities
and Exchange Commission. We are under no duty to update any of the
forward-looking statements after the date of this press release to
conform such statements to actual results or to changes in our
expectations, except as required by federal securities laws. There
can be no assurance that other factors will not affect the accuracy
of these forward-looking statements or that our actual results will
not differ materially from the results anticipated in such
forward-looking statements. Unpredictable or unknown factors we
have not discussed in this press release also could have material
effects on actual results or matters that are the subject of our
forward-looking statements. We undertake no obligation to, and do
not intend to, update our description of important factors each
time a potential important factor arises.
Source: USCR-G
Company Contact Information:
U.S. Concrete, Inc. Investor Relations
844-828-4774
IR@us-concrete.com
Media Contact:
Media@us-concrete.com
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SOURCE U.S. Concrete, Inc.