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Published on 6/21/2021 in the Prospect News Bank Loan Daily and Prospect News Investment Grade Daily.

Moody's rates Martin Marietta notes Baa2

Moody's Investors Service said it gave a Baa2 rating to Martin Marietta Materials, Inc.'s new $2.3 billion senior unsecured notes due 2023, 2031 and 2051.

The proceeds will be used to fund the acquisition of the Lehigh Hanson, Inc.'s West Region, from HeidelbergCement for $2.3 billion in cash.

"With this $2.3 billion notes offering, Martin Marietta will enhance financial flexibility and eliminate market volatility risk by extending its debt maturity schedule and pre-funding the acquisition of the Leigh Hanson, Inc.'s West asset at historically low rates," said Emile El Nems, a Moody's vice president and senior analyst, in a press release.

The outlook remains stable.


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