BIRMINGHAM, Ala., March 16, 2015 /PRNewswire/ -- Vulcan
Materials Company (NYSE: VMC) today announced the pricing of
$400 million aggregate principal
amount of 4.50% unsecured notes due 2025. The offering is expected
to close on March 30, 2015, subject
to the satisfaction of customary closing conditions.
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After deducting underwriting discounts and estimated offering
expenses, the company intends to use the expected net proceeds from
this offering of approximately $395
million, along with cash on hand and borrowings under its
revolving credit facility to fund (i) a partial tender offer for
its 7.00% notes due 2018, (ii) the previously announced redemption
of its 6.40% notes due 2017, (iii) the planned redemption of its
6.50% notes due 2016 in an aggregate principal amount of
approximately $125 million, and (iv)
the planned redemption of its 8.85% notes due 2021 in an aggregate
principal amount of $6 million and
the planned prepayment of its floating rate notes due 2022 in
an aggregate principal amount of $14
million.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
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SOURCE Vulcan Materials Company