MARTIN MARIETTA MATERIALS, INC.
$750,000,000 5.150% SENIOR NOTES DUE 2034
$750,000,000 5.500% SENIOR NOTES DUE 2054
Underwriting Agreement
October 31, 2024
Deutsche Bank Securities Inc.
J.P. Morgan Securities LLC
As Representatives of the
several Underwriters listed
in Schedule I hereto
c/o Deutsche Bank Securities Inc.
1 Columbus Circle
New York, New York 10019
c/o J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
Ladies and Gentlemen:
Martin Marietta Materials, Inc., a North Carolina corporation (the “Company”), proposes,
subject to the terms and conditions stated herein, to issue and sell to the Underwriters named in Schedule I hereto (the “Underwriters”) for whom Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are acting as representatives (in such capacity, the “Representatives”)
$750,000,000 aggregate principal amount of the Company’s 5.150% Senior Notes due 2034 (the “2034 Notes”) and $750,000,000 aggregate principal amount of the Company’s
5.500% Senior Notes due 2054 (the “2054 Notes” and, together with the 2034 Notes, the “Securities”),
to be issued under an indenture, dated May 22, 2017 (together with a fifth supplemental indenture by and between the Company and Regions Bank, as trustee (the “Trustee”),
dated the Time of Delivery (as defined in Section 2 hereof) establishing the terms of the Securities, the “Indenture”), between the Company and the Trustee.
1. Representations, Warranties and Agreements of the Company. The Company represents and warrants to, and agrees with, each of the Underwriters that:
(a) An “automatic shelf registration statement” as defined under Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”), on Form S-3 (File No. 333-271686) in respect of
the Securities has been filed with the Securities and Exchange Commission (the “Commission”) not earlier than three years prior to the date of this Agreement; such registration statement, and any post-effective amendment thereto, became
effective on filing; no stop order suspending the effectiveness of such registration statement or any part thereof has been issued
and no proceeding for that purpose has been initiated or threatened by the Commission, and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2)
under the Securities Act has been received by the Company; the various parts of such registration statement, including all exhibits thereto (other than the Statement of Eligibility and Qualification on Form T‑1) and including any prospectus
supplement relating to the Securities that is filed with the Commission pursuant to Rule 424(b) under the Securities Act and deemed by Rule 430B under the Securities Act to be part of such registration statement, each as amended at the time such
part of the registration statement became effective, are hereinafter collectively called the “Registration Statement”; the base prospectus filed as part of the Registration Statement, in the form in which it was most recently filed with
the Commission prior to or on the date of this Agreement, is hereinafter called the “Base Prospectus”; the final prospectus supplement to such prospectus (including the Base Prospectus) relating to the Securities, in the form filed or to
be filed with the Commission pursuant to Rule 424(b) under the Securities Act, is hereinafter called the “Prospectus”; any preliminary prospectus (including any preliminary prospectus supplement) relating to the Securities, in the form
filed or to be filed with the Commission pursuant to Rule 424(b), is hereinafter called a “Preliminary Prospectus”; the Base Prospectus, as amended or supplemented immediately prior to the Applicable Time (as defined in Section 1(e)
hereof), including, without limitation, any Preliminary Prospectus relating to the Securities, is hereinafter called the “Pricing Prospectus”; any reference in this Agreement to the Registration Statement, the Base Prospectus, any
Preliminary Prospectus, the Pricing Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein that were filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or the Securities Act, as the case may be, and the rules and regulations of the Commission thereunder, on or before the date of this Agreement or the issue date of any such prospectus; any reference to “amend,” “amendment,” “supplement” or
similar terms with respect to the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus shall be deemed to refer to and include any documents filed under the Exchange Act or the
Securities Act, as the case may be, after the date of this Agreement or the issue date of any such prospectus which are deemed to be incorporated by reference therein; and any “issuer free writing prospectus” (as
defined in Rule 433 under the Securities Act) relating to the Securities that (x) is required to be filed with the Commission by the Company or (y) is exempt from filing pursuant to Rule 433(d)(5)(i) under the Securities Act because it contains
a description of the Securities or the offering that does not reflect the final terms is hereinafter called an “Issuer Free Writing Prospectus”;
(b) The documents incorporated by reference in the Registration Statement, the Pricing Prospectus and the Prospectus (including, without limitation, the interactive data in eXtensible Business
Reporting Language (“XBRL”) included or incorporated by reference therein), when they were filed with the Commission or became effective, as the case may be, conformed in all material respects to the requirements of the Exchange Act or the
Securities Act, as the case may be, and the rules and regulations of the Commission thereunder; none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; and any further documents so filed and incorporated by reference in the Registration Statement, the Pricing Prospectus and the Prospectus (including, without limitation, the interactive data in XBRL
included or incorporated by reference therein), when such documents are filed with the Commission or become effective, as the case may be, will conform in all material respects to the requirements of the Exchange Act or the Securities Act, as
applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made therein in reliance upon and in conformity
with information furnished in writing to the Company by any Underwriter through the Representatives expressly for use therein;
(c) The Registration Statement, any Preliminary Prospectus and the Pricing Prospectus conform, and the Prospectus and any post-effective amendments or supplements to the Registration Statement or the
Prospectus will conform, in all material respects, to the requirements of the Securities Act and the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the rules and regulations of the Commission thereunder; and (i) the
Registration Statement and any amendment thereto, as of their applicable effective dates relating to the Securities, did not, and at the Time of Delivery will not, contain any untrue statement of material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, (ii) any Preliminary Prospectus, the Pricing Prospectus, the Prospectus and any amendment or supplement thereto, as of their respective issue dates, did not,
and at the Time of Delivery will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading
and (iii) the Prospectus and the Prospectus as amended or supplemented, if applicable, at the Time of Delivery (as defined in Section 2 hereof), will not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the representations and
warranties set forth in this paragraph shall not apply to any statements or omissions made therein in reliance upon and in conformity with information furnished in writing to the Company by any Underwriter through the Representatives expressly for
use therein;
(d) The Company has been, and continues to be, a “well-known seasoned issuer” (as defined in Rule 405 under the Securities Act), and has not been, and continues not to be, an “ineligible issuer” (as
such term is defined in Rule 405 under the Securities Act), in each case as from the earliest time after the filing of the Registration Statement that the Company or another offering participant made a “bona fide”
offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities;
(e) As used herein, the “Pricing Disclosure Package” means, collectively, (i) the Pricing Prospectus, (ii) the Pricing Term Sheet prepared and filed pursuant to Section 5(b) hereof and (iii)
any other Issuer Free Writing Prospectus that is identified on Schedule II hereto; and the “Applicable Time” means 3:45 p.m.
(New York City time) on the date of this Agreement. The Pricing Disclosure Package, as of the Applicable Time, did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus identified on Schedule II hereto does not conflict with the information contained in the Registration Statement,
the Pricing Prospectus or the Prospectus; provided, however, that the representations and warranties set forth in this paragraph shall not apply to statements or
omissions made therein in reliance upon and in conformity with information furnished in writing to the Company by any Underwriter through the Representatives expressly for use therein;
(f) The Company has not made, and, without the prior written consent of the Representatives, will not make, any offer relating to
the Securities that would constitute an “issuer free writing prospectus” (as defined in Rule 433 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company pursuant to Rule 433 under the
Securities Act; provided, however, that the prior written
consent of the Representatives shall be deemed to have been given with respect to the Issuer Free Writing Prospectuses identified on Schedule II hereto or used prior to the date hereof with the approval of the Representatives; and the
Company has complied, and will comply, with the requirements of Rule 433 under the Securities Act applicable to any such Issuer Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record-keeping;
(g) All of the outstanding shares of capital stock of the Company and shares of capital stock or other ownership interests of those subsidiaries of the Company that are “significant subsidiaries”
within the meaning of Rule 405 under the Securities Act (each, a “Significant Subsidiary”) have been, and at the Time of Delivery will be, duly authorized and validly issued and are fully paid and, with respect to shares of capital stock,
non-assessable, and were not issued in violation of any preemptive or similar rights. As of the date hereof, all of the outstanding shares of capital stock or other ownership interests of each of the Significant Subsidiaries are, and at the Time
of Delivery will be, free and clear of all liens, encumbrances, equities and claims or restrictions on transferability (other than those imposed by the Securities Act and the securities or “Blue Sky” laws of certain jurisdictions) or voting.
Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no (i) options, warrants or other rights to purchase, (ii) agreements or other obligations to issue or (iii) other rights to convert any
obligation into, or exchange any securities for, shares of capital stock of the Company or shares of capital stock or other ownership interests of any of the Significant Subsidiaries outstanding;
(h) Each of the Company and its subsidiaries (i) has been duly incorporated or formed, is validly existing and in good standing (where such concept is recognized in the relevant jurisdiction) under
the laws of its respective jurisdiction of incorporation or formation, (ii) has all requisite power and authority to own its properties and conduct its business as now conducted and as described in the Registration Statement, Pricing Disclosure
Package and the Prospectus and (iii) is duly qualified to do business in all other jurisdictions where the ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to satisfy any of
the conditions of clause (i) with respect to the Company’s subsidiaries or clause (ii) or (iii) with respect to the Company or its subsidiaries would not, individually or in the aggregate, have a material adverse effect on the general affairs,
management, business, financial position, results of operations or prospects of the Company and its subsidiaries taken as a whole or on the performance by the Company of its obligations under the Securities (any such event, a “Material Adverse
Effect”);
(i) The Company has all requisite corporate power and authority to execute, deliver and perform each of its obligations under the Securities. The Securities, when issued, will be in the form
contemplated by the Indenture. The Securities have been duly and validly authorized by the Company and, when executed by the Company and authenticated by the Trustee in accordance with the provisions of the Indenture and when delivered to and paid
for by the Underwriters in accordance with the terms of this Agreement, will constitute valid and legally binding obligations of the Company, entitled to the benefits of the Indenture, and enforceable against the Company in accordance with their
terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity and
the discretion of the court before which any proceeding therefor may be brought (collectively, the “Enforceability Exceptions”);
(j) The Company has all requisite corporate power and authority to execute, deliver and perform its obligations under the Indenture. The Indenture has been duly and validly authorized by the Company
and duly qualified under the Trust Indenture Act, and, when executed and delivered by the Company (assuming the due authorization, execution and delivery by the Trustee) will constitute a valid and legally binding agreement of the Company,
enforceable against the Company in accordance with its terms, except that the enforcement thereof may be subject to the Enforceability Exceptions;
(k) The Company has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. This
Agreement and the consummation by the Company of the transactions contemplated hereby have been duly and validly authorized by the Company. This Agreement has been duly executed and delivered by the Company;
(l) Assuming the accuracy of and, subject to compliance by the Underwriters with the representations and warranties set forth in Section 4 hereof, no consent, approval, authorization or order of any
court or governmental agency or body, or of any third party is required for the issuance and sale by the Company of the Securities to the Underwriters or the consummation by the Company of the other transactions contemplated hereby, except for the
registration of the Securities under the Securities Act, the qualification of the Indenture under the Trust Indenture Act and such consents, approvals, authorizations, orders and registrations or qualifications (x) as may be required under
applicable state securities laws in connection with the purpose and distribution of the Securities by the Underwriters or (y) the failure of which to obtain, or the absence of which, would not, individually or in the aggregate, result in a Material
Adverse Effect. None of the Company or its subsidiaries is (i) in violation of its certificate of incorporation or bylaws (or similar organizational document), (ii) in breach or violation of any statute, judgment, decree, order, rule or regulation
applicable to any of them or any of their respective properties or assets or (iii) in breach of or default under (nor has any event occurred that, with notice or passage of time or both, would constitute a default under) or in violation of any of
the terms or provisions of any indenture, mortgage, loan agreement or other agreement or instrument to which any of them is a party or to which any of them or their respective properties or assets is subject (collectively, “Contracts”),
except, in the case of clauses (ii) and (iii), for any such breach, default, violation or event that would not, individually or in the aggregate, have a Material Adverse Effect;
(m) The execution, delivery and performance by the Company of this Agreement, the Indenture and the Securities and the consummation by the Company of the transactions contemplated hereby and thereby
(including, without limitation, the issuance and sale of the Securities to the Underwriters) will not conflict with or constitute or result in a breach of or a default under (or an event that with notice or passage of time or both would constitute
a default under) or violation of any of (i) the terms or provisions of any Contract, except for any such conflict, breach, violation, default or event that would not, individually or in the aggregate, have a Material Adverse Effect, (ii) the
certificate of incorporation or bylaws (or similar organizational document) of the Company or any of its Significant Subsidiaries or (iii) (assuming compliance with all applicable state securities or “Blue Sky” laws and assuming the accuracy of the
representations and warranties of the Underwriters in Section 4 hereof) any statute, judgment, decree, order, rule or regulation applicable to the Company or any of its subsidiaries or any of their respective properties or assets, except for any
such conflict, breach, violation, default or event that would not, individually or in the aggregate, have a Material Adverse Effect;
(n) The audited consolidated financial statements and the related notes thereto included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus
comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present fairly in all material respects the financial position, results of operations and cash flows of the Company and
its subsidiaries at the dates and for the periods to which they relate and have been prepared in accordance with U.S. generally accepted accounting principles applied on a consistent basis, except as otherwise stated therein. The summary financial
and statistical data in the Registration Statement, the Pricing Disclosure Package and the Prospectus present fairly in all material respects the information shown therein and have been prepared and compiled on a basis consistent with the audited
financial statements included therein, except as otherwise stated therein. The interactive data in XBRL included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus fairly presents the
information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. PricewaterhouseCoopers LLP, who has certified certain financial statements of the Company and its
subsidiaries, is an independent public accounting firm within the meaning of the Securities Act and the rules and regulations promulgated thereunder;
(o) Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there is not pending or, to the knowledge of the Company, threatened any action, suit,
proceeding, inquiry or investigation to which the Company or any of its subsidiaries is a party, or to which the property or assets of the Company or any of its subsidiaries are subject, before or brought by any court, arbitrator or governmental
agency or body, the adverse determination of which is reasonably likely to occur, and if so determined adversely to the Company or any of its subsidiaries, would, individually or in the aggregate, be reasonably likely to have a Material Adverse
Effect or restrain, enjoin or prevent the consummation of the issuance or sale of the Securities to be sold hereunder or the consummation of the other transactions described in the Registration Statement, the Pricing Disclosure Package and the
Prospectus;
(p) Each of the Company and its subsidiaries possesses all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all declarations and filings with,
all federal, state, local and other governmental authorities, all self-regulatory organizations and all courts and other tribunals, presently required or necessary to own or lease, as the case may be, and to operate its respective properties and to
carry on its respective businesses as now or proposed to be conducted as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus (“Permits”), except where the failure to obtain such Permits would not,
individually or in the aggregate, have a Material Adverse Effect. Each of the Company and its subsidiaries has fulfilled and performed all of its obligations with respect to such Permits and no event has occurred that allows, or after notice or
lapse of time would allow, revocation or termination thereof or results in any other material impairment of the rights of the holder of any such Permit, except where any such failure or event would not, individually or in the aggregate, have a
Material Adverse Effect. None of the Company or its subsidiaries has received any notice of any proceeding relating to revocation or modification of any such Permit, except as described in the Registration Statement, the Pricing Disclosure Package
and the Prospectus and except where such revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect;
(q) Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, since the date of the most recent financial statements of the Company included or
incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (i) none of the Company or its subsidiaries has incurred any liabilities or obligations, direct or contingent, or entered into or agreed to
enter into any transactions or contracts (written or oral) not in the ordinary course of business, which liabilities, obligations, transactions or contracts would, individually or in the aggregate, be material to the general affairs, management,
business, financial position, results of operations or prospects of the Company and its subsidiaries, taken as a whole, (ii) the Company has not purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or
distribution of any kind on its capital stock and (iii) there has not been any change in the capital stock or long-term indebtedness of the Company or its subsidiaries;
(r) Each of the Company and its subsidiaries has filed all necessary federal, state and foreign income and franchise tax returns, except where the failure to so file such returns would not,
individually or in the aggregate, have a Material Adverse Effect, and has paid all taxes shown as due thereon. Other than tax deficiencies that the Company or any subsidiary is contesting in good faith and for which the Company or such subsidiary
has provided adequate reserves, there is no tax deficiency that has been asserted against the Company or any of its subsidiaries that would, individually or in the aggregate, have a Material Adverse Effect;
(s) The statistical and market-related data included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus are based on or derived from sources
that the Company and its subsidiaries believe to be reliable and accurate;
(t) Except as would not, individually or in the aggregate, have a Material Adverse Effect, (i) the Company and its subsidiaries’ information technology assets and equipment, computers, systems,
networks, hardware, software, websites, applications and databases (collectively, “IT Systems”) are adequate for, and operate and perform as required in connection with, the operation of the business of the Company and its subsidiaries as
currently conducted, (ii) the Company and its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures and safeguards to maintain and protect their confidential information and the integrity, continuous
operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (“Personal Data”)) used in connection with their businesses, (iii) except for any
breaches, violations, outages or unauthorized uses of or accesses to IT Systems or Personal Data that have been remedied without material cost or liability or the duty to notify any other person, to the knowledge of the Company there have not been
any breaches, violations, outages or unauthorized uses of or accesses to IT Systems or Personal Data, or any incidents under internal review or investigations relating to the same and (iv) the Company and its subsidiaries are presently in
compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security
of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.
(u) None of the Company, its subsidiaries or any agent acting on their behalf has taken or will take any action that might cause this Agreement or the sale of the Securities to violate Regulation T,
U or X of the Board of Governors of the Federal Reserve System, in each case as in effect, or as the same may hereafter be in effect, at the Time of Delivery;
(v) Each of the Company and its subsidiaries has good and marketable title to all real property and good title to all personal property described in the Registration Statement, the Pricing Disclosure
Package and the Prospectus as being owned by it and good and marketable title to a leasehold estate in the real and personal property described in the Registration Statement, the Pricing Disclosure Package and the Prospectus as being leased by it
free and clear of all liens, charges, encumbrances or restrictions, except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or to the extent the failure to have such title or the existence of such liens,
charges, encumbrances or restrictions would not, individually or in the aggregate, have a Material Adverse Effect. The Company and its subsidiaries own or possess adequate licenses or other rights to use all patents, trademarks, service marks,
trade names, copyrights and know-how necessary to conduct the businesses now or proposed to be operated by them in all material respects as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and none of the
Company or its subsidiaries has received any notice of infringement of or conflict with (or knows of any such infringement of or conflict with) asserted rights of others with respect to any patents, trademarks, service marks, trade names,
copyrights or know-how that, if such assertion of infringement or conflict were sustained, would have a Material Adverse Effect;
(w) Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or as would not, individually or in the aggregate, have a Material Adverse Effect, (A) each of
the Company and its subsidiaries is in compliance with, and has not received any notice alleging liability under, applicable Environmental Laws (as defined below), (B) each of the Company and its subsidiaries has made all filings and provided all
notices required under any applicable Environmental Law, and has obtained and is in compliance with, all Permits required under any applicable Environmental Laws and each of them is in full force and effect, (C) there is no civil, criminal or
administrative action, suit, demand, claim, hearing, notice of violation, investigation, proceeding, notice or demand letter or request for information pending or, to the knowledge of the Company or any of its subsidiaries, threatened against the
Company or any of its subsidiaries under any Environmental Law, (D) none of the Company or its subsidiaries has received notice that it has been identified as a potentially responsible party under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended (“CERCLA”), or any comparable state law and (E) no property or facility of the Company or any of its subsidiaries is (i) listed or, to the knowledge of the Company or any of its
subsidiaries, proposed for listing on the National Priorities List under CERCLA or is (ii) listed in the Comprehensive Environmental Response, Compensation, Liability Information System List or Superfund Enterprise Management System promulgated
pursuant to CERCLA, or on any comparable list maintained by any state or local governmental authority. For purposes of this Agreement, “Environmental Laws” means the common law and all applicable federal, state and local laws or regulations,
codes, orders, decrees, judgments or injunctions issued, promulgated, approved or entered thereunder, relating to pollution or protection of public or employee health and safety (as such relates to hazardous materials) or the environment,
including, without limitation, laws relating to (i) emissions, discharges, releases or threatened releases of hazardous materials into the environment (including, without limitation, ambient air, surface water, ground water, land surface or
subsurface strata), (ii) the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or handling of hazardous materials and (iii) underground and above ground storage tanks and related piping, and emissions,
discharges, releases or threatened releases of hazardous materials therefrom;
(x) There is no strike, labor dispute or work stoppage with the employees of the Company or any of its subsidiaries that is pending or, to the knowledge of the Company or any of its subsidiaries,
threatened that would, individually or in the aggregate, have a Material Adverse Effect;
(y) The Company carries insurance in such amounts and covering such risks as is adequate for the conduct of its business and the value of its properties;
(z) Except as would not, individually or in the aggregate, have a Material Adverse Effect, none of the Company or its subsidiaries has any liability for any prohibited transaction or funding
deficiency or any complete or partial withdrawal liability with respect to any pension, profit sharing or other plan that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to which the Company or any of
its subsidiaries makes or ever has made a contribution and in which any employee claiming a benefit through its employment with the Company or any of its subsidiaries is a participant. With respect to such plans, the Company and each subsidiary is
in compliance in all material respects with all applicable provisions of ERISA;
(aa) Each of the Company and its subsidiaries (i) makes and keeps accurate books and records and (ii) maintains internal accounting controls that provide reasonable assurance that (A) transactions
are executed in accordance with management’s authorization, (B) transactions are recorded as necessary to permit preparation of its financial statements and to maintain accountability for its assets, (C) access to its assets is permitted only in
accordance with management’s authorization and (D) the reported accountability for its assets is compared with existing assets at reasonable intervals. The Company and its subsidiaries maintain systems of “internal control over financial
reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, management to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(bb) The Company and its subsidiaries maintain an effective system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that
information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls
and procedures designed to ensure that such information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions regarding required disclosure. The Company and its subsidiaries have carried out
evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act;
(cc) The Company is not, nor after receipt of the proceeds of the offering of the Securities and the application thereof as described in the Registration Statement, the Pricing Disclosure Package and
the Prospectus will be, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended, and the rules and regulations thereunder;
(dd) The Securities and the Indenture will, at the Time of Delivery, conform in all material respects to the descriptions thereof in the Registration Statement, the Pricing Disclosure Package and the
Prospectus;
(ee) Immediately after the consummation of the transactions contemplated by this Agreement, the fair value and present fair saleable value of the assets of each of the Company and its subsidiaries
(each on a consolidated basis) will exceed the sum of its stated liabilities and identified contingent liabilities; none of the Company or its subsidiaries (each on a consolidated basis) is, nor will any of the Company or its subsidiaries (each on
a consolidated basis) be, after giving effect to the execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby, (a) left with unreasonably small capital with which to carry on its business
as it is proposed to be conducted, (b) unable to pay its debts (contingent or otherwise) as they mature or (c) otherwise “insolvent” as such term is generally understood for purposes of applicable fraudulent transfer laws;
(ff) None of the Company or its subsidiaries has taken, nor will any of them take, directly or indirectly, any action designed to, or that might be reasonably expected to, cause or result in any
stabilization or manipulation of the price of the Securities;
(gg) Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of the
Company or any of its subsidiaries has: (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or
domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or (to the extent applicable) any law or regulation implementing the OECD
Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or (to the extent applicable) committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or
anti-corruption laws; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment. The Company and its subsidiaries have instituted, maintained and enforced, and will continue to maintain and enforce
policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws. The Company will not directly or, to the knowledge of the Company, indirectly use the proceeds of the offering of the
Securities, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or
anything else of value, to any Person in violation of any applicable anti-bribery or anti-corruption law.
(hh) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, and (to the extent applicable) the money laundering statutes of all jurisdictions in which the Company or its subsidiaries conduct business, the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any
court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened; and
(ii) Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person associated with or acting on behalf of
the Company or any of its subsidiaries is currently subject to any sanctions administered or enforced by the U.S. Government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S.
Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person”), or (to the extent applicable) the United Nations Security Council, the European Union, His Majesty’s Treasury or other
relevant sanctions authority (collectively, “Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation,
Crimea, Kherson, Zaporizhzhia regions and so-called Donetsk People’s Republic and Luhansk People’s Republic in Ukraine, Cuba, Iran, North Korea and Syria (each, a “Sanctioned Country”); and the Company
will not directly or indirectly use the proceeds of the offering of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any
activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) to the knowledge of
the Company, in any other manner that will result in a violation by any person participating in the transaction, whether as an underwriter, initial purchaser, advisor, investor or otherwise of Sanctions. For the past five years, the Company and
its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not knowingly engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of
Sanctions or with any Sanctioned Country.
Any certificate signed by any officer of the Company and delivered to the Representatives or counsel for the Underwriters pursuant to this Agreement shall be deemed a representation and warranty by the Company, as to
matters covered thereby, to each Underwriter.
2
. Purchase and Sale of Securities.
Subject to the terms and conditions herein set forth, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, the respective principal amount of
Securities set forth opposite such Underwriter’s name in Schedule I hereto at price equal to 98.616% of the principal amount of the 2034 Notes and 97.131% of the
principal amount of the 2054 Notes, plus, in each case, accrued interest, if any, from November 4, 2024 to the Time of Delivery (as defined below).
The Securities to be purchased by each Underwriter hereunder will be delivered by or on behalf of the Company to the Representatives for the account of such Underwriter, against payment by such Underwriter or on its
behalf of the purchase price therefor by wire transfer of federal (same-day) funds, at the office of Simpson Thacher & Bartlett LLP, at 9:30 a.m. (New York City time) on November 4, 2024, or at such other time and date (not later than the fifth
business day thereafter) as the Representatives and the Company may agree upon in writing, such time and date being herein called the “Time of Delivery”. The Securities will be delivered by the Company to the Representatives in the form of
global Securities, representing all of the Securities, which will be deposited by the Representatives on behalf of the Underwriters with The Depository Trust Company, or its nominee, for credit to the respective accounts of the Underwriters.
3. Offer and Sale of Securities by the Underwriters. Upon the authorization by the Representatives of the release of the Securities, the several Underwriters propose to offer the Securities
for sale upon the terms and conditions set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus.
4. Representations, Warranties and Agreements of the Underwriters. Each Underwriter, severally and not jointly, represents and warrants to, and agrees with, the Company and the
Representatives that it has not made, and unless it obtains the prior written consent of the Company and the Representatives, it will not make, any offer relating to the Securities that would constitute an “issuer free writing prospectus” (as
defined in Rule 433 under the Securities Act) or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405 under the Securities Act) required to be filed with the Commission; provided, however, that the prior written consent of the Company shall be deemed to have been given with respect to the Issuer Free Writing Prospectuses identified on Schedule II hereto. The Company represents
that it has treated or agrees that it will treat any such issuer free writing prospectus or free writing prospectus to which it so consents as an Issuer Free Writing Prospectus, and has complied and will comply with the requirements of Rule 433
applicable thereto, including with respect to timely filing with the Commission, legending and record-keeping.
5. Further Agreements of the Company. The Company agrees with each of the Underwriters:
(a) To prepare the Prospectus in a form reasonably approved by the Representatives and to file the Prospectus pursuant to Rule 424(b) under the Securities Act no later than the Commission’s close of
business on the second business day following the date of this Agreement or, if applicable, such earlier time as may be required by Rule 424(b); and to make no further amendment or supplement to the Registration Statement, the Pricing Prospectus or
the Prospectus after the date of this Agreement and prior to the Time of Delivery which shall be reasonably disapproved by the Representatives promptly after reasonable notice thereof unless in the opinion of counsel for the Company such amendment
or supplement is required by law; provided, however, that in the case of any periodic filing to be filed by the Company with the Commission pursuant to Section 13(a)
or 15(d) of the Exchange Act during such period, the Company shall furnish to the Representatives a draft of any such filing for review by the Representatives prior to filing with the Commission and shall discuss any reasonable comments that the
Representatives may have with respect to such draft prior to filing;
(b) To prepare a pricing term sheet (the “Pricing Term Sheet”) reflecting the final terms of the Securities, in the form previously agreed upon by the Company and the Underwriters, and to file
such Pricing Term Sheet as an “issuer free writing prospectus” pursuant to Rule 433 under the Securities Act prior to the close of business two business days after the date of this Agreement; provided, however, that the Company shall furnish the Representatives with copies of the Pricing Term Sheet prior to such proposed filing and shall not use or file any such document which shall be disapproved by the
Representatives; and to file promptly any other Issuer Free Writing Prospectus or other material required to be filed by the Company with the Commission pursuant to Rule 433 under the Securities Act in accordance with Section 1(f) hereof;
(c) To file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act
subsequent to the date of the Prospectus and for so long as the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required in connection with the offering or sale of the Securities (the
“prospectus delivery period”); and, during the prospectus delivery period, to advise the Representatives, promptly after it receives notice thereof, of (i) the time when any post-effective amendment to the Registration Statement has been
filed or becomes effective or any amendment or supplement to the Prospectus or any amended Prospectus has been filed with the Commission (provided that no such notification need be given in connection with
any such amendment or supplement consisting of a document filed by the Company with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act subsequent to the Time of Delivery unless the Representatives have advised the Company that
the Underwriters have not completed the distribution of the Securities), (ii) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of any order suspending or preventing the use of any
prospectus relating to the Securities or any Issuer Free Writing Prospectus, or of any notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the
Securities Act, (iii) the suspension of the qualification of the Securities for offering or sale in any jurisdiction, (iv) the initiation or threatening of any proceeding for the purpose of any of the foregoing or (v) any request by the Commission
for the amending or supplementing of the Registration Statement or of the Prospectus or for additional information; and, in the event of the issuance of any such stop order or any such order preventing or suspending the use of any Preliminary
Prospectus or other prospectus relating to the Securities or any Issuer Free Writing Prospectus or suspending any such qualification, or of any such notice of objection pursuant to Rule 401(g)(2) under the Securities Act, to use promptly its
reasonable best efforts to obtain the withdrawal of such order; and, in the event of any such issuance of a notice of objection, promptly to take such steps including, without limitation, amending the Registration Statement or filing a new
registration statement, at its own expense, as may be necessary to permit offers and sales of the Securities by the Underwriters (references herein to the “Registration Statement” shall include any such amendment or new registration
statement);
(d) To take such action as the Representatives may reasonably request to qualify the Securities for offer and sale under the securities laws of such jurisdictions as the Representatives may request
and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution or sale of the Securities; provided,
however, that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction;
(e) To furnish each Underwriter with one copy of the Registration Statement and, during the prospectus delivery period referred to in Section 5(c) hereof, to furnish the Underwriters with copies of
the Pricing Disclosure Package and the Prospectus in New York City in such quantities as the Representatives may reasonably request (excluding, in each case, any documents incorporated by reference therein to the extent available through the
Commission’s EDGAR system);
(f) If, during the prospectus delivery period referred to in Section 5(c) hereof, any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading or, if for any
other reason it shall be necessary in the opinion of counsel for the Company during such prospectus delivery period to amend or supplement the Prospectus or to file with the Commission any document incorporated by reference in the Prospectus in
order to comply with the Securities Act, the Exchange Act or the Trust Indenture Act, to notify the Representatives and prepare and file such document and to furnish without charge to each Underwriter as many copies as the Representatives may from
time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance;
(g) To make generally available to its securityholders as soon as practicable, but in any event not later than 18 months after the effective date of the Registration Statement (as defined in Rule
158(c) under the Securities Act), an earning statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158);
(h) [reserved]
(i) To pay the Commission the required filing fees relating to the Securities within the time period required by Rule 456(b)(1) under the Securities Act;
(j) During the period beginning from the date hereof and continuing to and including the earlier of the Time of Delivery and such earlier time as you may notify the Company, not to offer, sell,
contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, except as provided
hereunder, any securities of the Company that are substantially similar to the Securities, or publicly disclose the intention to make any such offer, sale, pledge, disposition or filing without the prior written consent of the Representatives; and
(k) The Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.
6. Payment of Expenses. The Company covenants and agrees with the several Underwriters that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses
of counsel for the Company and the Company’s independent registered public accounting firm in connection with the registration of the Securities under the Securities Act and all other expenses in connection with the preparation, printing and filing
of the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus and the Prospectus and amendments and supplements thereto, and any Issuer Free Writing Prospectus, and the mailing and delivering of copies
thereof to the Underwriters and dealers and any out-of-pocket costs associated with electronic delivery of any of the foregoing by the Underwriters to investors; (ii) all expenses in connection with the qualification of the Securities for offer and
sale under state securities laws as provided in Section 5(d) hereof, including the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky and legal investment
memoranda; (iii) all expenses and application fees incurred in connection with any filing with, and clearance of the offering by, the Financial Industry Regulatory Authority, Inc., if any, including the reasonable fees and disbursements of counsel
for the Underwriters thereto; (iv) any fees charged by securities rating services for rating the Securities; (v) the cost of preparing the Securities; (vi) the fees and expenses of the Trustee and any agent of the Trustee and the reasonable fees
and disbursements of counsel for the Trustee and any such agent in connection with the Indenture and the Securities; (vii) all other costs and expenses incident to the performance of the Company’s obligations hereunder which are not otherwise
specifically provided for in this Section 6; and (viii) all expenses incurred by the Company in connection with any “roadshow” presentation to potential investors, if any. It is understood, however, that, except as provided in this Section 6 and
Sections 8 and 11 hereof, the Underwriters will pay all of their own costs and expenses, including any transfer taxes on resale of any of the Securities by them, and any advertising expenses incurred in connection with any offers they may make.
7. Conditions of Underwriters’ Obligations. The obligations of the Underwriters hereunder shall be subject, in the discretion of the Representatives, to (i) the condition that all
representations and warranties of the Company herein are as of the Time of Delivery true and correct, (ii) the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed and (iii) the following
additional conditions:
(a) Any Preliminary Prospectus and the Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act within the applicable time period prescribed for each such
filing by the rules and regulations under the Securities Act and in accordance with Section 5(a) hereof; and the Pricing Term Sheet provided for in Section 5(b) hereof and any other Issuer Free Writing Prospectus relating to the Securities shall
have been filed with the Commission pursuant to Rule 433 under the Securities Act within the applicable time period prescribed for such filing by Rule 433 and in accordance with Section 5(b) hereof (unless such Issuer Free Writing Prospectus is not
required to be filed with the Commission pursuant to Rule 433(d)(5)(i));
(b) No stop order suspending the effectiveness of the Registration Statement or any part thereof or suspending or preventing the use of the Prospectus or any Issuer Free Writing Prospectus shall have
been issued, and no proceeding for that purpose shall have been initiated or threatened by the Commission, and no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to
Rule 401(g)(2) under the Securities Act shall have been received;
(c) Cravath, Swaine & Moore LLP, counsel for the Company, shall have furnished to the Representatives their written opinion and negative assurance letter, dated the Time of Delivery, in form and
substance substantially in the form set forth in Schedule III hereto;
(d) Robinson, Bradshaw & Hinson, P.A., North Carolina counsel for the Company, shall have furnished to the Representatives their written opinion, dated the Time of Delivery, in form and substance
substantially in the form set forth in Schedule IV hereto;
(e) Simpson Thacher & Bartlett LLP, counsel for the Underwriters, shall have furnished to the Representatives their written opinion and negative assurance letter, dated the Time of Delivery, with
respect to the validity of the Indenture and the Securities, the Registration Statement, the Pricing Disclosure Package, the Prospectus, and other related matters as the Representatives may reasonably request, and such counsel shall have received
such documents and information as they may reasonably request to enable them to pass upon such matters;
(f) On the date of this Agreement and at the Time of Delivery, PricewaterhouseCoopers LLP, which has audited the financial statements of the Company and its subsidiaries as of and for the periods
ended December 31, 2021, December 31, 2022 and December 31, 2023 included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, shall have furnished to the Representatives a “comfort” letter
or letters, dated the date of this Agreement and Time of Delivery, respectively, as to such matters as the Representatives may reasonably request and in form and substance reasonably satisfactory to the Representatives (which comfort letter or
letters shall, as applicable, be substantially consistent with drafts provided by PricewaterhouseCoopers LLP to the Representatives prior to or on the date of this Agreement);
(g) Since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there shall not have been a material adverse change
in the business, financial condition, prospects or results of operations of the Company and its subsidiaries, taken as a whole, otherwise than as set forth or contemplated in the Pricing Disclosure Package and the Prospectus (excluding any
amendment or supplement thereto), the effect of which is in the judgment of the Representatives so material and adverse as to make it impracticable or inadvisable to proceed with the public offering, sale or the delivery of the Securities on the
terms and in the manner contemplated in the Pricing Disclosure Package and the Prospectus;
(h) On or after the date of this Agreement there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on The New York Stock
Exchange or the NASDAQ Global Market; (ii) a suspension or material limitation in trading of any securities issued by the Company; (iii) a general moratorium on commercial banking activities declared by either Federal or New York State authorities;
(iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war; or (v) the occurrence of any other calamity or crisis affecting the financial markets of the
United States, if the effect of any such event specified in clause (iv) or (v) in the judgment of the Representatives makes it impractical or inadvisable to proceed with the public offering, sale or the delivery of the Securities on the terms and
in the manner contemplated in the Pricing Disclosure Package and the Prospectus;
(i) After the execution and delivery of this Agreement and prior to the Time of Delivery (a) no downgrading shall have occurred in the rating assigned to the Company’s debt securities by a
“nationally recognized statistical ratings organization” (as defined under Section 3(a)(62) of the Exchange Act) and (b) no such ratings organizations shall have publicly announced that it has under surveillance or review, with possible negative
implications, its rating of the Company’s debt securities, the effect of which, in any event specified in clause (a) or (b), in the reasonable judgment of the Representatives, makes it impracticable or inadvisable to proceed with the public
offering or the delivery of the Securities on the terms and in the manner contemplated in the Registration Statement, the Pricing Disclosure Package and the Prospectus;
(j) The Company shall have furnished or caused to be furnished to the Representatives at the Time of Delivery a certificate of the Company signed by an officer of the Company reasonably satisfactory
to the Representatives as to (i) the accuracy of the representations and warranties of the Company herein as of the Time of Delivery, (ii) the performance by the Company of all of its obligations hereunder to be performed at or prior to the Time of
Delivery and (iii) the matters set forth in Sections 7(b) and 7(g) hereof; and
(k) On or prior to the Time of Delivery, the Company shall have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request.
8. Indemnification and Contribution. (a) The Company will indemnify and hold harmless each Underwriter, its affiliates, directors and officers and each person, if any, who controls such
Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Securities
Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
or any amendment thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading or (ii) any untrue statement or alleged untrue
statement of a material fact contained in the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus, the Prospectus, or any amendment or supplement thereto, the Pricing Disclosure Package, or any “issuer free writing prospectus” (as
defined in Rule 433(d) under the Securities Act) relating to the offering of the Securities, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under
which they were made, not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred;
provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged omission in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus, the Prospectus, or any amendment or supplement thereto, the
Pricing Disclosure Package, or any such issuer free writing prospectus, made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use therein, it being
understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in subsection (b) below.
(b) Each Underwriter will, severally and not jointly, indemnify and hold harmless the Company, its directors, its officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act to the same extent as the indemnity set forth in Section 8(a) hereof, but only insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement
or alleged untrue statement of, or omission or alleged omission to state, a material fact made in reliance upon and in conformity with written information furnished to the Company by such Underwriter through the Representatives expressly for use
therein, and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred; it being understood and agreed that the
only written information furnished to the Company by such Underwriter through the Representatives expressly for use in the Registration Statement, any amendment or supplement thereto, the Base Prospectus, any Preliminary Prospectus, the Pricing
Prospectus, the Prospectus or any amendment or supplement thereto is the name of such Underwriter set forth on the cover page and the information set forth in the third, fourth, tenth and thirty-second paragraphs under the caption “Underwriting,”
in each case, in the Preliminary Prospectus, the Pricing Prospectus and the Prospectus.
(c) Promptly after receipt by an indemnified party under Section 8(a) or 8(b) hereof of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party
under such Section 8(a) or 8(b), as the case may be, notify the indemnifying party in writing of the commencement thereof; provided that the failure to notify the indemnifying party shall not relieve it
from any liability that it may have under the preceding paragraphs of this Section 8 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; provided further that the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such Section 8(a) or 8(b), as the case may be. In case
any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly
with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume
the defense thereof, the indemnifying party shall not be liable to such indemnified party under such Section 8(a) or 8(b), as the case may be, for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such
indemnified party, in connection with the defense thereof other than reasonable costs of investigation; provided, however, that any indemnified party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel,
(ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party; (iii) the indemnified party shall have reasonably concluded that there may be legal defenses available to it that
are different from or in addition to those available to the indemnifying party; or (iv) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, notwithstanding the preceding sentence of this Section 8(c), the indemnifying party shall not be liable for
the reasonable fees and expenses of more than one separate firm (in addition to not more than one separate local counsel in any jurisdiction in which the indemnified party requires representation by separate counsel) for all such indemnified
parties. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of
which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the
indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any indemnified party. An indemnifying party shall
not be liable for any settlement effected by an indemnified party without its prior written consent, but if the settlement is made with such consent, the indemnifying party agrees to indemnify the indemnified party from and against any loss or
liability by reason of such settlement.
(d) If the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless an indemnified party under Section 8(a) or 8(b) hereof in respect of any losses, claims, damages or liabilities (or actions in
respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such
proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other, from the offering of the Securities. If, however, the allocation provided by the immediately preceding
sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under Section 8(c) hereof, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, shall be deemed to be in
the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth on the cover page
of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact required to be stated
therein or necessary in order to make the statements therein not misleading relates to information supplied by the Company, on the one hand, or by the Underwriters, on the other, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 8(d). The amount paid or payable by an indemnified party
as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this Section 8(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8(d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities
underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’
obligations in this Section 8(d) to contribute are several in proportion to their respective underwriting obligations and not joint.
(e) The obligations of the Company under this Section 8 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any
Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and any other affiliate (within the meaning of Rule 405 under the Securities Act) of any Underwriter; and the obligations of the Underwriters under
this Section 8 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company, each person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and any other affiliate (within the meaning of Rule 405 under the Securities Act) of the Company.
9. Defaulting Underwriters. (a) If any Underwriter shall default in its obligation to purchase the Securities which it has agreed to purchase hereunder, the Representatives may in their
discretion arrange for themselves or another party or other parties to purchase such Securities on the terms contained herein. If within 36 hours after such default by any Underwriter the Representatives do not arrange for the purchase of such
Securities, then the Company shall be entitled to a further period of 36 hours within which to procure another party or other parties satisfactory to the Representatives to purchase such Securities on such terms. In the event that, within the
respective prescribed periods, the Representatives notify the Company that the Representatives have so arranged for the purchase of such Securities, or the Company notifies the Representatives that it has so arranged for the purchase of such
Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the
Prospectus, or in any other documents or arrangements, and the Company agrees to file promptly any amendments to the Registration Statement or the Prospectus which in the Representatives’ opinion may thereby be made necessary. The term
“Underwriter” as used in this Agreement shall include any person substituted under this Section 9 with like effect as if such person had originally been a party to this Agreement with respect to such Securities.
(b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in Section 9(a) hereof, the aggregate principal amount of
such Securities which remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Company shall have the right to require each non-defaulting Underwriter to purchase the principal amount of
Securities which such Underwriter agreed to purchase hereunder and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the principal amount of Securities which such Underwriter agreed to purchase
hereunder) of the Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.
(c) If after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in Section 9(a) hereof, the aggregate principal amount of
the Securities which remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, as referred to in Section 9(b) hereof, or if the Company shall not exercise the right described in Section 9(b) hereof to require
non-defaulting Underwriters to purchase the Securities of a defaulting Underwriter or Underwriters, then this Agreement shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the
expenses to be borne by the Company and the Underwriters as provided in Section 6 hereof and the indemnity and contribution agreements in Section 8 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.
10. Survival. The respective indemnities, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by
or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any controlling person of
any Underwriter, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Securities.
11. Termination. If this Agreement shall be terminated pursuant to Section 9 hereof, the Company shall not then be under any liability to any Underwriter except as provided in Sections 6 and
8 hereof; but if for any other reason any Securities are not delivered by or on behalf of the Company as provided herein, the Company will reimburse the Underwriters through the Representatives for all reasonable out-of-pocket expenses approved in
writing by the Representatives, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase, sale and delivery of the Securities, but the Company shall then be under no further
liability to any Underwriter except as provided in Sections 6 and 8 hereof.
12. Nature of Underwriters’ Obligations. The Company acknowledges and agrees that (i) the purchase and sale of the Securities pursuant to this Agreement, including the determination of the
public offering price of the Securities and any related discounts and commissions, is an arm’s-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand, (ii) in connection with the offering
contemplated hereby and the process leading to such transaction, each Underwriter is, and has been, acting solely as a principal and is not the agent or fiduciary of the Company directly or indirectly, (iii) no Underwriter has assumed, or will
assume, an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on
other matters) and no Underwriter has any similar obligation to the Company with respect to the offering of the Securities contemplated hereby except the obligations expressly set forth in this Agreement and (iv) the Company has consulted its own
legal and financial advisors to the extent it deemed appropriate. Any review by any of the Underwriters of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of
such Underwriters and shall not be on behalf of the Company or any other person.
13. Authority of Representatives. In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the Company shall be entitled to act and rely upon any
statement, request, notice or agreement on behalf of any Underwriter made or given by the Representatives jointly or by any Representative and may assume that such statement, request, notice or agreement has been duly authorized by such
Underwriter.
14. Notices. All statements, requests, notices and agreements hereunder shall be in writing or by telephone if promptly confirmed in writing, and if to the
Underwriters, shall be sufficient in all respects if delivered or sent by facsimile transmission or registered mail to the Representatives (i) c/o Deutsche Bank Securities Inc., 1 Columbus Circle, New York, New York 10019, Attention: Debt Capital
Markets Syndicate, email: dbcapmarkets.gcnotices@list.db.com; and (ii) c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Investment Grade Syndicate Desk, 3rd Fl., fax: (212) 834-6081; if to the Company, shall be
sufficient in all respects if delivered or sent by facsimile transmission or registered mail to Martin Marietta Materials, Inc., 4123 Parklake Avenue, Raleigh, North Carolina, 27612, Attention: General Counsel, Email:
Roselyn.Bar@martinmarietta.com.
15. Persons Entitled to Benefit of Agreement. This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided in Sections 8
and 10 hereof, the officers and directors of the Company, each person who controls the Company or any Underwriter and any other affiliate of any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no
other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Securities from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.
16. Time of Essence. Time shall be of the essence of this Agreement. As used herein, the term “business day” shall mean any day, other than a Saturday or a Sunday, which is not a day
or which banking institutions in New York, New York are authorized or obligated by law or executive order to close.
17. Definitive Agreement. This Agreement supersedes all prior agreements and understandings (written or oral) between the Company and the Underwriters, or any of them, with respect to the
subject matter hereof.
18. Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York.
19. Waiver of Jury Trial. The Company and each of the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
20. Counterparts. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement
shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or
the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.
21. Recognition of the U.S. Special Resolution Regimes. In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and
any such interest and obligation, were governed by the laws of the United States or a state of the United States.
In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under
this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the
United States or a state of the United States.
“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be
interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity” means any of the following:
(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii) a “covered FSI” as the term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the regulations promulgated thereunder.
22. Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify
and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly
identify their respective clients.
[Signature pages follow]
If the foregoing is in accordance with the Representatives’ understanding, please sign and return to us a counterpart hereof, and upon the acceptance hereof by the Representatives, on behalf of each of the
Underwriters, this letter and such acceptance hereof shall constitute a binding agreement between each of the Underwriters and the Company.
It is understood that the Representatives’ acceptance of this letter on behalf of each of the Underwriters is pursuant to the authority set forth in a form of an Agreement among the Underwriters, copies of which, to
the extent practicable and upon request, shall be submitted to the Company for examination, but without any representation or warranty on the Representatives’ part as to the authority of the senders thereof.
| |
Very truly yours,
MARTIN MARIETTA MATERIALS, INC.
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|
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By:
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/s/ C. Howard Nye |
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Name: |
C. Howard Nye |
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| |
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Title: |
Chair of the Board, President and
Chief Executive Officer |
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|
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[Signature Page to Underwriting Agreement]
For themselves and on behalf of the several Underwriters listed in Schedule I hereto.
Accepted as of the date first written above at New York,
New York:
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DEUTSCHE BANK SECURITIES INC.
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|
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|
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By:
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/s/ Ritu Ketkar
|
|
|
|
|
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Name:
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Ritu Ketkar
|
|
|
|
|
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Title:
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Managing Director
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|
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|
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By:
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/s/ Mathew J. Siracuse
|
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|
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|
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Name:
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Mathew J. Siracuse
|
|
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Title:
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Managing Director/Debt Syndicate
|
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| J.P. MORGAN SECURITIES LLC |
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By:
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/s/ Robert Bottamedi |
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Name:
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Robert Bottamedi
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Title:
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Executive Director
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[Signature Page to Underwriting Agreement]
SCHEDULE I
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Underwriter
|
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Senior Notes
due 2034
|
|
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Senior Notes
due 2054
|
|
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Deutsche Bank Securities Inc.
|
|
$
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187,500,000
|
|
|
$
|
187,500,000
|
|
|
J.P. Morgan Securities LLC
|
|
|
187,500,000
|
|
|
|
187,500,000
|
|
|
Truist Securities, Inc.
|
|
|
67,500,000
|
|
|
|
67,500,000
|
|
|
PNC Capital Markets LLC
|
|
|
60,000,000
|
|
|
|
60,000,000
|
|
|
Wells Fargo Securities, LLC
|
|
|
60,000,000
|
|
|
|
60,000,000
|
|
|
Regions Securities LLC
|
|
|
45,000,000
|
|
|
|
45,000,000
|
|
|
Comerica Securities, Inc.
|
|
|
37,500,000
|
|
|
|
37,500,000
|
|
|
FHN Financial Securities Corp.
|
|
|
37,500,000
|
|
|
|
37,500,000
|
|
|
Loop Capital Markets LLC
|
|
|
37,500,000
|
|
|
|
37,500,000
|
|
|
First Citizens Capital Securities, LLC
|
|
|
30,000,000
|
|
|
|
30,000,000
|
|
|
Total
|
|
$
|
750,000,000
|
|
|
$
|
750,000,000
|
|
SCHEDULE II
ISSUER FREE WRITING PROSPECTUSES
|
— |
Pricing Term Sheet, dated October 31, 2024, relating to the Securities, substantially in the form of Annex A hereto, which will be filed pursuant to Rule 433 under the Securities Act.
|
ANNEX A
Filed Pursuant to Rule 433
Registration No. 333-271686
Issuer Free Writing Prospectus dated October 31,
2024
Relating to Preliminary Prospectus Supplement dated October 31, 2024
MARTIN MARIETTA MATERIALS, INC.
$750,000,000 5.150% Senior Notes due 2034
$750,000,000 5.500% Senior Notes due 2054
PRICING TERM SHEET
October 31, 2024
This term sheet (this “Pricing Term Sheet”) relates only to the securities described below and is qualified in its entirety by reference to the
preliminary prospectus supplement, dated October 31, 2024, of Martin Marietta Materials, Inc. (the “Preliminary Prospectus Supplement”). The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement and supersedes
the information in the Preliminary Prospectus Supplement only to the extent it is inconsistent with the information contained in the Preliminary Prospectus Supplement. Capitalized terms used but not defined herein have the meanings given to them
in the Preliminary Prospectus Supplement.
5.150% SENIOR NOTES DUE 2034
|
Issuer:
|
Martin Marietta Materials, Inc.
|
|
Security:
|
5.150% Senior Notes due 2034 (the “2034 Notes”)
|
|
Principal Amount:
|
$750,000,000
|
|
Maturity Date:
|
December 1, 2034
|
|
Issue Price:
|
99.266% of principal amount, plus accrued interest, if any, from and including, November 4, 2024
|
|
Benchmark Treasury:
|
UST 3.875% due August 15, 2034
|
|
Benchmark Treasury Price and Yield:
|
96-26+ and 4.274%
|
|
Spread to Benchmark Treasury:
|
Plus 97 basis points
|
|
Yield to Maturity:
|
5.244%
|
|
Coupon (Interest Rate):
|
5.150%
|
|
Interest Payment Dates:
|
Semi-annually on June 1 and December 1, commencing on June 1, 2025
|
|
Gross Proceeds to the Issuer:
|
$744,495,000
|
|
Optional Redemption:
|
Prior to September 1, 2034 (three months prior to the maturity date of the 2034 Notes) (the “2034 Par Call Date”), the
Company may redeem the 2034 Notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal
and interest thereon discounted to the redemption date (assuming the 2034 Notes matured on the 2034 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis
points less (b) interest accrued to, but excluding, the date of redemption, and (2) 100% of the principal amount of the 2034 Notes to be redeemed, plus in either case, accrued and unpaid interest thereon to, but excluding, the redemption
date.
|
| |
On or after the 2034 Par Call Date, the Company may redeem the 2034 Notes, in whole or in part, at any time and from time
to time, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption.
|
|
Day Count Convention:
|
30/360
|
|
CUSIP / ISIN:
|
573284 BA3 / US573284BA34
|
5.500% SENIOR NOTES DUE 2054
|
Issuer:
|
Martin Marietta Materials, Inc.
|
|
Security:
|
5.500% Senior Notes due 2054 (the “2054 Notes”)
|
|
Principal Amount:
|
$750,000,000
|
|
Maturity Date:
|
December 1, 2054
|
|
Issue Price:
|
98.006% of principal amount, plus accrued interest, if any, from and including, November 4, 2024
|
|
Benchmark Treasury:
|
UST 4.625% due May 15, 2054
|
|
Benchmark Treasury Price and Yield:
|
102-18 and 4.468%
|
|
Spread to Benchmark Treasury:
|
Plus 117 basis points
|
|
Yield to Maturity:
|
5.638%
|
|
Coupon (Interest Rate):
|
5.500%
|
|
Interest Payment Dates:
|
Semi-annually on June 1 and December 1, commencing on June 1, 2025
|
|
Gross Proceeds to the Issuer:
|
$735,045,000
|
|
Optional Redemption:
|
Prior to June 1, 2054 (six months prior to the maturity date of the 2054 Notes) (the “2054 Par Call Date”), the Company may
redeem the 2054 Notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest
thereon discounted to the redemption date (assuming the 2054 Notes matured on the 2054 Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points less (b)
interest accrued to, but excluding, the date of redemption, and (2) 100% of the principal amount of the 2054 Notes to be redeemed, plus in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.
|
| |
On or after the 2054 Par Call Date, the Company may redeem the 2054 Notes, in whole or in part, at any time and from time
to time, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption.
|
|
Day Count Convention:
|
30/360
|
|
CUSIP / ISIN:
|
573284 BB1 / US573284BB17
|
2034 NOTES AND 2054 NOTES
|
Ratings:*
|
|
|
Trade Date:
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October 31, 2024
|
|
Settlement Date:
|
November 4, 2024 (T+2)
|
|
We expect that delivery of the 2034 Notes and 2054 Notes (collectively, the “Notes”) will be made to investors on or about November 4, 2024,
which will be the second business day following the date of the prospectus supplement (such settlement cycle being referred to as “T+2”). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary
market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes any date prior to the business day before delivery will be required, by
virtue of the fact that the Notes initially settle in T+2, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to the
business day preceding the delivery date of the Notes should consult their advisors.
|
|
Legal Format:
|
SEC Registered
|
|
Denominations:
|
$2,000 x $1,000
|
|
Joint Book-Running Managers:
|
Deutsche Bank Securities Inc.
J.P. Morgan Securities LLC
Truist Securities, Inc.
PNC Capital Markets LLC
Wells Fargo Securities, LLC
|
|
Co-Managers:
|
Regions Securities LLC
Comerica Securities, Inc.
FHN Financial Securities Corp.
Loop Capital Markets LLC
First Citizens Capital Securities, LLC
|
* A securities rating is not a recommendation to buy, sell or hold
securities and may be subject to revision or withdrawal at any time.
This communication is intended for the sole use of the person to whom it is provided by us.
The Issuer has filed a registration statement
(including a prospectus) with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, and other documents
the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, the Issuer, any underwriter or any dealer participating
in this offering will arrange to send you a copy of the prospectus upon request. Interested parties may obtain a prospectus and the related prospectus supplement from Deutsche Bank Securities Inc., 1 Columbus Circle, New York, New York 10019,
Attn: Prospectus Group by telephone at (800) 503-4611 or by email at prospectus.CPDG@db.com; and 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.
Any disclaimer or other notice that may appear below is not applicable to this communication and should be
disregarded. Such disclaimer or other notice was automatically generated as a result of this communication being sent via Bloomberg or another email system.
SCHEDULE III
FORM OF OPINION AND NEGATIVE ASSURANCE LETTER OF COUNSEL FOR THE COMPANY
[●], 2024
Martin Marietta Materials, Inc.
$[●] Aggregate Principal Amount of [●]% Senior Notes due 2034
$[●] Aggregate Principal Amount of [●]% Senior Notes due 2034
Ladies and Gentlemen:
We have acted as counsel for Martin Marietta Materials, Inc., a North Carolina corporation (the “Company”),
in connection with the purchase by the several Underwriters (the “Underwriters”) listed in Schedule I to the Underwriting Agreement dated [●], 2024 (the “Underwriting
Agreement”), among the Company and Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several Underwriters, with respect to the offering and sale of $[●] aggregate principal amount of the
Company’s [●]% Senior Notes due 2034 (the “2034 Notes”) and $[●] aggregate principal amount of the Company’s [●]% Senior Notes due 2054 (the “2054 Notes”
and, together with the 2034 Notes, the “Notes”) to be issued pursuant to an Indenture dated as of May 22, 2017 (the “Base Indenture”), between the Company
and Regions Bank (the “Trustee”), as amended and supplemented by the Fifth Supplemental Indenture dated as of [●], 2024 (the “Fifth Supplemental Indenture”
and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee.
In that connection, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records
and other instruments as we have deemed necessary or appropriate for the purposes of this opinion, including: (a) the Registration Statement on Form S‑3 (Registration No. 333‑271686) filed with the Securities and Exchange Commission (the “Commission”) on May 5, 2023, for registration under the Securities Act of 1933, as amended (the “Securities Act”), of various securities of the Company, to be
issued from time to time by the Company (such Registration Statement being hereinafter referred to as the “Registration Statement”); (b) the related Prospectus dated May 5, 2023 (together with the
documents incorporated therein by reference, the “Basic Prospectus”); (c) the Prospectus Supplement dated [●], 2024, filed with the Commission pursuant to Rule 424(b) of the General Rules and
Regulations under the Securities Act (together with the Basic Prospectus, the “Prospectus”); (d) the documents and other information described in Annex A to this letter (together, the “Specified Disclosure Package”); (e) the Underwriting Agreement; (f) the Indenture and the form of the Notes; and (g) the agreements specified on Schedule 1 hereto (collectively, the “Specified Agreements”). We have also relied upon advice from the Commission that the Registration Statement initially became effective on May 5, 2023. We have relied, with respect to certain factual
matters, on statements of officers and other representatives of the Company and the representations and warranties of the Company and the Underwriters contained in the Underwriting Agreement and have assumed compliance by each such party with the
terms of the Underwriting Agreement. In particular, we have relied upon the Company’s representation that it has not been notified pursuant to Rule 401(g) of the Securities Act of any objection by the Commission to the use of the form on which
the Registration Statement was filed. We have assumed, with your consent and without independent investigation or verification, the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all
documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as duplicates or copies. In addition, we have relied on a certificate of an officer of the Company as to certain factual
matters.
Our identification of information as part of the Specified Disclosure Package has been at your request and with your approval. Such identification is
for the limited purpose of making the statements set forth in this opinion regarding the Specified Disclosure Package and is not the expression of a view by us as to whether any such information has been or should have been conveyed to investors
generally or to any particular investors at any particular time or in any particular manner.
Based on the foregoing and subject to the qualifications set forth herein, we are of opinion as follows:
1. The Notes conform in all material respects to
the description thereof contained in the Prospectus and the Specified Disclosure Package. The statements made in the Prospectus and the Specified Disclosure Package under the caption “Material U.S. federal income tax considerations”, insofar
as they purport to describe material U.S. federal income tax consequences of an investment in the Notes, fairly summarize the matters therein described in all material respects.
2. Assuming the Base Indenture and the Fifth
Supplemental Indenture have been duly authorized, executed and delivered by the Company, the Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”),
and constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar
laws affecting creditors’ rights generally from time to time in effect and to general principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether considered
in a proceeding in equity or at law); and, assuming the Notes have been duly authorized, executed and delivered by the Company, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for
by the Underwriters pursuant to the Underwriting Agreement, the Notes will constitute legal, valid and binding obligations of the Company entitled to the benefits of the Indenture and enforceable against the Company in accordance with their
terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws affecting creditors’ rights generally from time to time in effect and to general principles of equity, including,
without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether considered in a proceeding in equity or at law).
3. No authorization, approval or other action
by, and no notice to, consent of, order of, or filing with, any United States Federal or New York State governmental authority is required to be made or obtained by the Company for the consummation of the transactions contemplated by the
Underwriting Agreement, other than (i) those that have been obtained or made under the Securities Act or the Trust Indenture Act, (ii) those that may be required under the Securities Act in connection with the use of a “free writing
prospectus” and (iii) those that may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Notes by the Underwriters.
4. The Registration Statement initially became
effective under the Securities Act on May 5, 2023, and, assuming prior payment by the Company of the pay-as-you-go registration fee for the offering of the Notes, upon filing of the Prospectus with the Commission the offering of the Notes
as contemplated by the Prospectus became registered under the Securities Act; to our knowledge, no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been
instituted or are pending or contemplated under the Securities Act.
5. The issue and sale by the Company of the
Notes, the execution and delivery by the Company of the Underwriting Agreement and the Indenture, the consummation of the other transactions contemplated by the Underwriting Agreement and the Indenture and the performance by the Company of
its obligations under the Underwriting Agreement and the Indenture do not result in a breach of or constitute a default under the express terms and conditions of any Specified Agreement and will not violate any law, rule or regulation of the
United States of America or the State of New York of the type that in our experience typically would be applicable to transactions of the type contemplated by the Underwriting Agreement. The foregoing opinion relating to the Specified
Agreements does not extend to compliance with any financial ratio or any limitation in any contractual restriction expressed as a dollar amount (or an amount expressed in another currency).
6. Based solely on the certificate dated the
date hereof from an officer of the Company, attached as Annex B hereto, the Company is not required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.
7. The Underwriting Agreement has been duly
executed and delivered by the Company.
We express no opinion with respect to compliance with, or the application or effect of, Federal or state securities or Blue Sky laws except, with
respect to Federal securities laws, to the extent set forth in paragraph (2) with respect to the qualification of the Indenture under the Trust Indenture Act and in paragraphs (4) and (6).
We express no opinion herein as to any provision of the Indenture or the Notes that (a) relates to the subject matter jurisdiction of any Federal court
of the United States of America, or any Federal appellate court, to adjudicate any controversy related to the Indenture or the Notes, (b) contains a waiver of an inconvenient forum or (c) relates to the waiver of rights to jury trial. We also
express no opinion as to whether a state court outside the State of New York or a Federal court of the United States would give effect to the choice of New York law provided for in the Indenture or the Notes.
We understand that you are satisfying yourselves as to the status under Section 548 of the Bankruptcy Code and applicable state fraudulent conveyance
laws of the obligations of the Company under the Indenture and the Notes, and we express no opinion thereon.
We are admitted to practice in the State of New York, and we express no opinion as to matters governed by any laws other than the laws of the State of
New York and the Federal laws of the United States of America. In particular, we do not purport to pass on any matter governed by the laws of the State of North Carolina.
We are furnishing this opinion to you solely for your benefit. This opinion may not be relied upon by any other person (including by any person that
acquires the Notes from you) or for any other purpose. It may not be used, circulated, quoted or otherwise referred to for any other purpose.
Deutsche Bank Securities Inc.
J.P. Morgan Securities LLC
and the several other Underwriters
listed on Schedule I to the Underwriting Agreement,
c/o Deutsche Bank Securities Inc.
1 Columbus Circle
New York, New York 10019
c/o J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
120A
O
Schedule 1
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1. |
Indenture dated as of December 1, 1995, between Martin Marietta Materials, Inc. and First Union National Bank of North Carolina, as trustee.
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2. |
Indenture dated as of April 30, 2007, between Martin Marietta Materials, Inc. and Truist Bank (as successor by merger to SunTrust Bank and formerly known as Branch Banking and Trust
Company), as trustee (the “2007 Base Indenture”).
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3. |
Second Supplemental Indenture to the 2007 Base Indenture dated as of April 30, 2007, between Martin Marietta Materials, Inc. and Truist Bank, as trustee.
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4. |
Indenture dated as of July 2, 2014, between Martin Marietta Materials, Inc. and Regions Bank, as trustee.
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5. |
Credit and Security Agreement dated as of April 19, 2013, among Martin Marietta Funding LLC, as borrower, Martin Marietta Materials, Inc., as servicer, the lenders and other parties
party thereto from time to time and Truist Bank, as Administrative Agent, as amended through the date hereof.
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6. |
Indenture dated as of May 22, 2017, between Martin Marietta Materials, Inc. and Regions Bank, as trustee (the “2017 Base Indenture”).
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7. |
First Supplemental Indenture to the 2017 Base Indenture dated as of May 22, 2017, between Martin Marietta Materials, Inc. and Regions Bank, as trustee.
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8. |
Second Supplemental Indenture to the 2017 Base Indenture dated as of December 20, 2017, between Martin Marietta Materials, Inc. and Regions Bank, as trustee.
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9. |
Third Supplemental Indenture to the 2017 Base Indenture dated as of March 16, 2020, between Martin Marietta Materials, Inc. and Regions Bank, as trustee.
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10. |
Fourth Supplemental Indenture to the 2017 Base Indenture dated as of July 2, 2021, between Martin Marietta Materials, Inc. and Regions Bank, as trustee.
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11. |
Credit Agreement dated as of December 21, 2021, among Martin Marietta Materials, Inc., JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities Inc., PNC Bank,
National Association, Truist Bank and Wells Fargo Bank, National Association, as Co-Syndication Agents, and the lenders and issuing lenders from time to time party thereto, as amended through the date hereof.
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Annex A
Specified Disclosure Package
| 1. |
The Preliminary Prospectus relating to the Notes dated [●], 2024.
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The Pricing Term Sheet dated [●], 2024, filed pursuant to Rule 433 of the Securities Act.
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Annex B
Martin Marietta Materials, Inc.
INVESTMENT COMPANY ACT CERTIFICATE
The undersigned hereby certifies as follows:
1. I am the duly elected officer, holding the office specified below my signature of Martin Marietta Materials, Inc. (the “Company”), and am authorized to execute and deliver this Investment Company Act Certificate on behalf of the Company.
2. I am executing this Certificate knowing that it will be relied upon by Cravath, Swaine & Moore LLP in connection with its
legal opinions to be delivered on the date hereof in connection with the Underwriting Agreement, dated as of [●], 2024, among the Company and Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several
Underwriters named in Schedule I thereto.
3. (a) The Company:
i. is not and does not hold itself out as being engaged primarily, and does not propose to engage primarily, in the business of
investing, reinvesting or trading in Securities (as such term is defined in clause (b) of this paragraph 3);
ii. is not and does not propose to engage in the business of issuing Face-Amount Certificates of the Installment Type (as such term
is defined in clause (b) of this paragraph 3), and has not been engaged in such business or have any such certificate outstanding; and
iii. is not engaged and does not propose to engage in the business of investing, reinvesting, owning, holding or trading in
Securities, and does not own or propose to acquire Investment Securities (as such term is defined in clause (b) of this paragraph 3) having a value exceeding 40% of the value of its total assets, exclusive of Government Securities (as such term
is defined in clause (b) of this paragraph 3) and cash items, on an unconsolidated basis.
(b) For purposes of clause (a), the following terms have the following meanings:
“Face-Amount Certificate of the Installment Type” means any certificate, investment
contract, or other Security which represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than twenty-four months after the date of issuance, in consideration of
the payment of periodic installments of a stated or determinable amount.
“Government Security” means any Security issued or guaranteed as to principal or
interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit
for any of the foregoing.
“Investment Securities” includes all Securities except (A) Government Securities, (B)
Securities issued by employees’ securities companies and (C) Securities issued by majority-owned subsidiaries of the Company which are not themselves investment companies. In considering whether a majority-owned subsidiary is not an investment
company for this purpose, it is understood that (i) the exemption under Rule 3(c)(1) of the Investment Company Act of 1940, as amended (the “ICA”), may not be relied upon (such exemption could be
available to a company whose outstanding securities (other than short-term paper) are beneficially owned by fewer than 100 persons and which is not making and does not presently propose to make a public offering of its securities) and (ii) the
exemption under Rule 3(c)(7) of the ICA may not be relied upon (such exemption could be available to a company (a) whose outstanding securities are owned exclusively by “qualified purchasers” (i.e., a
natural person, trust or company that, in addition to other qualifications, owns at least $5 million in investments) or, subject to certain conditions, whose outstanding securities are beneficially owned by both qualified purchasers and not more
than 100 people who are not qualified purchasers and (b) which is not making and does not propose to make a public offering of its securities).
“Securities” means any note, stock, treasury stock, bond, debenture, evidence of
indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of
deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any
interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a
“security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
[Signature page follows]
IN WITNESS WHEREOF, the undersigned has signed this Investment Company Act Certificate as of the date first written above.
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MARTIN MARIETTA MATERIALS, INC. |
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By:
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Name: |
James A. J. Nickolas |
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Title: |
Executive Vice President and Chief Financial Officer |
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[●], 2024
Martin Marietta Materials, Inc.
$[●] Aggregate Principal Amount of [●]% Senior Notes due 2034
$[●] Aggregate Principal Amount of [●]% Senior Notes due 2054
Ladies and Gentlemen:
We have acted as counsel for Martin Marietta Materials, Inc., a North Carolina corporation (the “Company”),
in connection with the purchase by the several Underwriters (the “Underwriters”) listed in Schedule I to the Underwriting Agreement dated [●], 2024 (the “Underwriting
Agreement”), among the Company and Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as representatives of the several Underwriters, with respect to the offering and sale of $[●] aggregate principal amount of the
Company’s [●]% Senior Notes due 2034 (the “2034 Notes”) and $[●] aggregate principal amount of the Company’s [●]% Senior Notes due 2054 (the “2054 Notes”
and, together with the 2054 Notes, the “Notes”) to be issued pursuant to an Indenture dated as of May 22, 2017 (the “Base Indenture”), between the Company
and Regions Bank (the “Trustee”), as amended and supplemented by the Fifth Supplemental Indenture dated as of [●], 2024 (the “Fifth Supplemental Indenture”
and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee.
In that capacity, we participated in conferences with certain officers of, and with the accountants and
counsel for, the Company concerning the preparation of the Prospectus Supplement dated [●], 2024 (together with the related Basic Prospectus (as defined herein), the “Prospectus”), relating to the
Notes, filed with the Securities and Exchange Commission (the “Commission”) pursuant to Rule 424(b)(5) of the General Rules and Regulations under the Securities Act of 1933, as amended (the “Securities Act”). The Prospectus was filed as part of the Registration Statement on Form S-3 (Registration No. 333-271686) filed with the Commission on May 5, 2023, for registration under the
Securities Act of various securities of the Company, to be issued from time to time by the Company (the “Registration Statement”), which Registration Statement includes a prospectus dated May 5,
2023 (together with the documents incorporated therein by reference, the “Basic Prospectus”). The documents incorporated by reference in the Registration Statement, the Specified Disclosure
Package (as defined herein) and the Prospectus were prepared and filed by the Company without our participation. For the purposes of this letter we have also reviewed the documents and other information described in Annex A to this letter
(together, the “Specified Disclosure Package”). Our identification of information as part of the Specified Disclosure Package has been at your request and with your approval. Such identification
is for the limited purpose of making the statements set forth in this letter and is not the expression of a view by us as to whether any such information has been or should have been conveyed to investors generally or to any particular
investors at any particular time or in any particular manner.
Although we have made certain inquiries and investigations in connection with the preparation of the Registration Statement, the Specified Disclosure
Package and the Prospectus, the limitations inherent in the role of outside counsel are such that we cannot and do not assume responsibility for the accuracy or completeness of the statements made in the Registration Statement, the Specified
Disclosure Package and the Prospectus, except insofar as such statements relate to us and except to the extent set forth in paragraph 1 of our opinion to you dated the date hereof. Subject to the foregoing, we confirm to you, on the basis of
information gained in the course of the performance of the services rendered above, that the Registration Statement, at the time it was last amended or deemed to be amended, and the Prospectus, as of its date and as of the date hereof, appeared
or appears on its face to be appropriately responsive in all material respects to the requirements of the Securities Act and the applicable rules and regulations thereunder, except that we do not express any view as to the financial statements
and other information of an accounting or financial nature included therein. Furthermore, subject to the foregoing, we hereby advise you that our work in connection with this matter did not disclose any information that gave us reason to
believe that: (i) the Registration Statement (insofar as relevant to the offering contemplated by the Prospectus), at the time it initially became effective, contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, (ii) the Prospectus, as of its date or at the date hereof, included or includes, an untrue statement of a material fact or omitted or omits to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (iii) the Specified Disclosure Package, considered together as of [●] p.m. on [●], 2024, included
an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that, in each case, we do not
express any view as to the financial statements and other information of an accounting or financial nature included therein and the Statements of Eligibility (Form T-1) included as exhibits to the Registration Statement.
We are furnishing this letter to you solely for your benefit in order to assist you in establishing appropriate defenses under applicable securities
laws. This letter may not be relied upon by any other person (including by any person that acquires the Notes from you) or for any other purpose. It may not be used, circulated, quoted or otherwise referred to for any other purpose.
Deutsche Bank Securities Inc.
J.P. Morgan Securities LLC
and the several other Underwriters
listed on Schedule I to the Underwriting Agreement,
c/o Deutsche Bank Securities Inc.
1 Columbus Circle
New York, New York 10019
c/o J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179
120A
Specified Disclosure Package
| 1. |
The Preliminary Prospectus relating to the Notes dated [●], 2024.
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| 2. |
The Pricing Term Sheet dated [●], 2024, filed pursuant to Rule 433 of the Securities Act.
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SCHEDULE IV
FORM OF OPINION OF NORTH CAROLINA COUNSEL FOR THE COMPANY
[●], 2024
Deutsche Bank Securities Inc. and
J.P. Morgan Securities LLC
as Representatives of the several Underwriters
c/o Deutsche Bank Securities Inc.
1 Columbus Circle
New York, New York 10019,
and
c/o J.P. Morgan Securities LLC
383 Madison Avenue
New York, New York 10179,
Ladies and Gentlemen:
We have acted as North Carolina counsel to Martin Marietta Materials, Inc., a North Carolina corporation (the “Company”), in connection with the sale of $[●] aggregate principal amount of the Company’s [●]% Senior Notes due 2034 and $[●] aggregate principal amount of the Company’s [●]% Senior Notes due 2054 (collectively, the “Securities”) pursuant to an
Underwriting Agreement dated [●], 2024 (the “Underwriting Agreement”) between the Company and Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC, as
representatives of the several underwriters listed on Schedule I of the Underwriting Agreement (collectively, the “Underwriters”). Terms defined in the Underwriting Agreement are used herein as
therein defined. This opinion is being rendered to you at the request of our client pursuant to Section 7(d) of the Underwriting Agreement. A copy of this opinion letter is also being provided to Cravath, Swaine & Moore LLP and Simpson
Thacher & Bartlett LLP with the understanding that each of those firms may rely upon this opinion letter in providing its opinion to you pursuant to, respectively, Sections 7(c) and 7(e) of the Underwriting Agreement.
In such capacity, we have examined, among other things, (a) certified copies of the Restated Articles of Incorporation of the Company, as
amended (the “Articles of Incorporation”), the Restated Bylaws of the Company (the “Bylaws”), and resolutions of the Finance Committee of the Board of
Directors of the Company, resolutions of the Board of Directors of the Company, resolutions of the Chairman of the Finance Committee of the Board of Directors of the Company, and resolutions of the Chairman of the Board of Directors, President
and Chief Executive Officer of the Company and the Senior Vice President and Chief Financial Officer of the Company, (b) executed copies of the global certificates representing the Securities, (c) an executed copy of the Indenture dated as of
May 22, 2017 (the “Base Indenture”) between the Company and Regions Bank, as Trustee (the “Trustee”), an executed copy of the First Supplemental Indenture
dated as of May 22, 2017 between the Company and the Trustee (the “First Supplemental Indenture”), an executed copy of the Second Supplemental Indenture dated as of December 20, 2017 between the
Company and the Trustee (the “Second Supplemental Indenture”), an executed copy of the Third Supplemental Indenture dated as of March 16, 2020 between the Company and the Trustee (the “Third Supplemental Indenture”), an executed copy of the Fourth Supplemental Indenture dated as of July 2, 2021 between the Company and the Trustee (the “Fourth
Supplemental Indenture”), an executed copy of the Fifth Supplemental Indenture dated as of [●], 2024 between the Company and the Trustee (the “Fifth Supplemental Indenture”; the Base
Indenture as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture,
Deutsche Bank Securities Inc. and
J.P. Morgan Securities LLC,
as Representatives of the several Underwriters
[●], 2024
Page 2
the Fourth Supplemental Indenture and the Fifth Supplemental Indenture being referred to herein as the “Indenture”), (d) an executed copy of the Underwriting
Agreement (the Underwriting Agreement together with the Base Indenture and the Fifth Supplemental Indenture, the “Transaction Documents”), (e) the
Company’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (Registration No. 333-271686) (the “
Registration Statement”), (f) the prospectus, dated May 5, 2023 (the
“
Base Prospectus”) relating to the offering of securities of the Company, which forms a part of and is included in the Registration Statement, (g) the Preliminary Prospectus Supplement dated [
●], 2024 with respect to the offering of the Securities (the “
Preliminary Prospectus Supplement”) and the Pricing Term Sheet dated [
●],
2024 with respect to the offering of the Securities (together with the Preliminary Prospectus Supplement, the “
Pricing Disclosure Package”), (h) the Prospectus Supplement dated [
●], 2024 with respect to the offering of the Securities (the “
Final Prospectus Supplement”), and (i) such other documents, corporate records, certificates and
instruments as in our judgment are necessary or appropriate to render the opinions expressed below. References to the “Base Prospectus,” “Preliminary Prospectus Supplement” and the “Final Prospectus Supplement” include the documents
incorporated or deemed incorporated by reference therein. As to various factual matters, we have relied upon certificates of public officials, certificates and statements of officers of the Company, and such other documents and information as
we have deemed necessary or appropriate to enable us to render the opinion expressed below, and we have not undertaken any other investigation to determine the existence or absence of any such facts.
In giving the opinions expressed herein, we have assumed:
(a) (i) the legal capacity of all natural
persons executing agreements, instruments or documents, (ii) the genuineness of all signatures, (iii) the authenticity of all documents presented to us as originals, (iv) the conformity to the originals of all documents presented to us as
copies, (v) the integrity and completeness of the records of the Company to the date hereof and (vi) the absence of fraud, duress, or mistake; and
(b) that each of the Base Indenture and the
Fifth Supplemental Indenture has been duly executed and delivered by the Trustee.
Upon the basis of such examination, and subject to the limitations and qualifications expressed herein, we are of the opinion that:
(1) The Company is a corporation duly
incorporated and validly existing under the laws of the State of North Carolina, with corporate power and authority to own its properties and conduct its business as described in the Base Prospectus, the Pricing Disclosure Package and the
Final Prospectus Supplement.
(2) The Company has the corporate power and
authority to execute and deliver each of the Securities and the Transaction Documents and to perform its obligations thereunder; and all corporate action required to be taken for the due and proper authorization, execution and delivery of
each of the Securities and the Transaction Documents and the consummation of the transactions contemplated thereby has been duly and validly taken.
(3) Each of the Base Indenture and the
Fifth Supplemental Indenture has been duly authorized, executed and delivered by the Company.
(4) The Securities have been duly
authorized, executed and delivered by the Company and, when duly authenticated as provided in the Indenture and paid for as provided in the Underwriting Agreement, will be duly and validly issued and outstanding.
Deutsche Bank Securities Inc. and
J.P. Morgan Securities LLC,
as Representatives of the several Underwriters
[●], 2024
Page 3
(5) The Underwriting Agreement has been
duly authorized, executed and delivered by the Company.
(6) The execution, delivery and performance by the Company of each of the Securities and the Transaction Documents, the issuance and sale of the Securities and compliance by the Company with the terms
thereof and the consummation of the transactions contemplated by the Transaction Documents will not (i) result in any violation of the provisions of the Articles of Incorporation or Bylaws or (ii) result in the violation of (x) any
North Carolina law, statute, regulation or rule or (y) any North Carolina judgment, decree or order of which we are aware.
(7) No approval, authorization or consent
of any North Carolina governmental authority or agency is required under any North Carolina statute, rule or regulation in connection with the authorization, execution, delivery or performance by the Company of each of the Securities or the
Transaction Documents, the issuance or sale of the Securities or the consummation of the transactions contemplated by the Transaction Documents, except those which have already been obtained, if any.
The opinions set forth herein are limited to matters governed by the laws of the State of North Carolina and the federal laws of the
United States, and no opinion is expressed herein as to the laws of any other jurisdiction. We express no opinion concerning any matter respecting or affected by any laws other than laws that a lawyer in North Carolina exercising customary
professional diligence would reasonably recognize as being applicable to the Company, the execution, delivery and performance by the Company of the Transaction Documents, the issuance and sale of the Securities and compliance by the Company
with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents.
This opinion is being provided solely to you and Cravath, Swaine & Moore LLP and Simpson Thacher & Bartlett LLP in connection with
the Underwriting Agreement, may not be relied upon by you or Cravath, Swaine & Moore LLP or Simpson Thacher & Bartlett LLP for any other purpose and may not be relied upon by any other person for any purpose. This opinion letter is
limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated herein. This letter speaks only as of the date hereof and is limited to current statutes, regulations and administrative and
judicial interpretations. We undertake no responsibility to update or supplement this letter after the date hereof.
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Very truly yours,
ROBINSON, BRADSHAW & HINSON, P.A.
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cc: Cravath, Swaine & Moore LLP
Simpson Thacher & Bartlett LLP