Martin Marietta Announces Pricing Terms of Debt Offering
Martin Marietta Materials (NYSE:MLM) has announced the pricing of its dual-tranche senior notes offering totaling $1.5 billion. The offering consists of $750 million of 5.150% Senior Notes due 2034 and $750 million of 5.500% Senior Notes due 2054. The 2034 Notes will be issued at 99.266% of par value, while the 2054 Notes at 98.006%. Interest payments will be made semiannually starting June 1, 2025. The company plans to use the proceeds to repay outstanding borrowings under its revolving credit facility and trade receivables securitization facility, with remaining funds allocated for general corporate purposes, including potential acquisitions and capital needs.
Martin Marietta Materials (NYSE:MLM) ha annunciato il prezzo della sua offerta di obbligazioni senior a doppia tranche per un totale di 1,5 miliardi di dollari. L'offerta comprende 750 milioni di dollari di Obbligazioni Senior al 5,150% con scadenza nel 2034 e 750 milioni di dollari di Obbligazioni Senior al 5,500% con scadenza nel 2054. Le Obbligazioni del 2034 saranno emesse al 99,266% del valore nominale, mentre quelle del 2054 al 98,006%. I pagamenti degli interessi saranno effettuati semestralmente a partire dal 1 giugno 2025. L'azienda prevede di utilizzare i proventi per rimborsare i prestiti in sospeso sotto la sua linea di credito rotativa e la struttura di cartolarizzazione dei crediti commerciali, destinando i fondi rimanenti a scopi aziendali generali, incluse potenziali acquisizioni e necessità di capitale.
Martin Marietta Materials (NYSE:MLM) ha anunciado el precio de su oferta de bonos senior en dos tramos por un total de 1.5 mil millones de dólares. La oferta consta de 750 millones de dólares en Bonos Senior al 5,150% con vencimiento en 2034 y 750 millones de dólares en Bonos Senior al 5,500% con vencimiento en 2054. Los Bonos de 2034 se emitirán al 99.266% del valor nominal, mientras que los Bonos de 2054 se emitirán al 98.006%. Los pagos de intereses se realizarán semestralmente a partir del 1 de junio de 2025. La empresa planea utilizar los ingresos para pagar préstamos pendientes bajo su línea de crédito rotativo y la estructura de titulización de cuentas por cobrar, destinando los fondos restantes a fines corporativos generales, incluidas posibles adquisiciones y necesidades de capital.
마틴 마리에타 머티리얼즈 (NYSE:MLM)는 15억 달러 규모의 이중 트랜치 고위험 채권 발행 가격을 발표했습니다. 이 발행에는 2034년 만기 5.150%의 고위험 채권 7억 5천만 달러와 2054년 만기 5.500%의 고위험 채권 7억 5천만 달러가 포함되어 있습니다. 2034년 만기의 채권은 액면가의 99.266%로 발행될 예정이며, 2054년 만기 채권은 98.006%로 발행됩니다. 이자 지급은 2025년 6월 1일부터 반기마다 이루어질 예정입니다. 회사는 이 자금을 회전 신용 시설과 거래 채권 유동화 시설의 미지급 차입금 상환에 사용할 계획이며, 나머지 자금은 잠재적 인수 및 자본 필요를 포함한 일반 기업 목적에 배정될 것입니다.
Martin Marietta Materials (NYSE:MLM) a annoncé le prix de son émission de billets senior en deux tranches totalisant 1,5 milliard de dollars. L'offre se compose de 750 millions de dollars de Billets Senior à 5,150% arrivant à échéance en 2034 et de 750 millions de dollars de Billets Senior à 5,500% arrivant à échéance en 2054. Les Billets 2034 seront émis à 99,266% de la valeur nominale, tandis que les Billets 2054 seront émis à 98,006%. Les paiements d'intérêts seront effectués semestriellement à partir du 1er juin 2025. L'entreprise prévoit d'utiliser les produits pour rembourser les emprunts en cours sous son crédit renouvelable et son processus de titrisation des créances commerciales, les fonds restants étant alloués à des fins d'entreprise générales, y compris d'éventuelles acquisitions et besoins en capital.
Martin Marietta Materials (NYSE:MLM) hat die Preisgestaltung für sein Angebot von Dual-Tranche-Anleihen mit einem Gesamtvolumen von 1,5 Milliarden Dollar bekannt gegeben. Das Angebot umfasst 750 Millionen Dollar von 5,150% Senior Notes mit Fälligkeit 2034 und 750 Millionen Dollar von 5,500% Senior Notes mit Fälligkeit 2054. Die Anleihen von 2034 werden zu 99,266% des Nennwerts ausgegeben, während die von 2054 zu 98,006%. Die Zinszahlungen erfolgen halbjährlich, beginnend am 1. Juni 2025. Das Unternehmen plant, die Erlöse zur Rückzahlung offener Darlehen aus seiner revolvierenden Kreditlinie und der Verbriefung von Handelsforderungen zu verwenden. Die verbleibenden Mittel sollen für allgemeine Unternehmenszwecke, einschließlich potenzieller Übernahmen und Kapitalbedarf, verwendet werden.
- Successfully secured $1.5 billion in long-term debt financing
- Debt structuring provides financial flexibility for potential acquisitions and capital investments
- Taking on substantial new debt obligations
- Higher interest expenses with rates of 5.150% and 5.500% on the new notes
Insights
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The use of proceeds to refinance revolving credit and receivables facilities suggests a strategic shift from variable to fixed-rate debt, potentially protecting against future interest rate volatility. The additional funding for acquisitions and capital needs indicates potential growth initiatives ahead. The timing and terms are favorable given the current market environment, though the slight discount to par value (
RALEIGH, N.C., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) (“Martin Marietta” or the “Company”) announced today the pricing of its offering of
The Company intends to use a portion of the net proceeds of the Notes for the repayment of all borrowings outstanding under its revolving credit facility and trade receivables securitization facility. The remaining net proceeds of the Notes are expected to be used for general corporate purposes, which may include financing potential acquisitions, land purchases or other capital needs. Closing of the offering is expected to occur on November 4, 2024, subject to the satisfaction of customary closing conditions.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Truist Securities, Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC will serve as underwriters and joint book-running managers for the offering.
Martin Marietta has filed a shelf registration statement on Form S-3 (including a base prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and the prospectus supplement thereto and the other documents that Martin Marietta has filed or will file with the SEC for more complete information about Martin Marietta and this offering. The offering will be made only pursuant to the terms of the relevant prospectus supplement (including the prospectus). These documents will be available at no charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, these documents will be made available upon request to any underwriter participating in the offering. Interested parties may obtain a prospectus and the related prospectus supplement from: Deutsche Bank Securities Inc., 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; or 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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Offers of securities will be made only by means of a prospectus filed with the SEC. The prospectus is part of a shelf registration statement that has become effective under the Securities Act of 1933, as amended.
Company Description
Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 28 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources for building the solid foundations on which our communities thrive. Martin Marietta’s Magnesia Specialties business produces high-purity magnesia and dolomitic lime products used worldwide in environmental, industrial, agricultural and specialty applications.
Investor Contact:
Jacklyn Rooker
Director, Investor Relations
+1 (919) 510-4736
Jacklyn.Rooker@martinmarietta.com
MLM-G
Cautionary Statement About Forward-Looking Statements
Investors are cautioned that all statements in this release that relate to the future involve risks and uncertainties, and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. These statements, which are forward-looking statements under the Private Securities Litigation Reform Act of 1995, provide the investor with the Company’s expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use words such as “anticipate”, “may”, “expect”, “should”, “believe”, “project”, “intend”, “will”, and other words of similar meaning in connection with future events or future operating or financial performance. Any, or all of, management’s forward-looking statements herein and in other publications may turn out to be wrong.
Statements and assumptions on future revenues, income and cash flows, performance, economic trends, the outcome of litigation, regulatory compliance and environmental remediation cost estimates are examples of forward-looking statements. Numerous factors could affect our forward-looking statements and actual performance. In addition, other risks and uncertainties not presently known to us or that we currently consider immaterial could affect the accuracy of our forward-looking statements.
Except as required by law, we undertake no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.
You should consider these forward-looking statements in light of risk factors discussed in the preliminary prospectus supplement filed with the SEC on October 31, 2024 and those in our Annual Report on Form 10-K for the year ended December 31, 2023 and other periodic filings made with the SEC. All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements, or adversely affect or be material to the Company. The Company assumes no obligation to update any such forward-looking statements.
FAQ
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What are the interest rates for Martin Marietta's (MLM) 2034 and 2054 Senior Notes?
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