Vulcan Materials announces closing of senior notes offering
Vulcan Materials Co. announced that it has closed its offering of US$500m aggregate principal amount of 6.5% senior unsecured notes due 2016 and US$600m aggregate principal amount of 7.5% senior unsecured notes due 2021.
After deducting underwriting discounts and offering expenses, Vulcan Materials said that it intends to use the net proceeds from this offering of about US$1.082bn to terminate its existing term loan due 2015, fund a partial tender offer for its existing senior unsecured notes due 2012 and 2013, reduce borrowings under its revolving credit facility, and for general corporate purposes. Published under Cement News
