U.S. Concrete lifts revolver to $350 million, extends maturity to 2022

By Marisa Wong

Morgantown, W.Va., Sept. 1 – U.S. Concrete, Inc. entered into a third amended and restated loan agreement on Aug. 31 for a $350 million revolving credit facility due Aug. 31, 2022, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America, NA is the lead arranger and agent, and JPMorgan Chase Bank, NA, SunTrust Bank and MUFG Union Bank, NA are syndication agents.

The loan agreement amends and restates the company’s second amended and restated loan agreement dated Nov. 18, 2015 to increase the revolving commitments by $100 million and to extend the maturity date.

The company also amended some terms of the previous loan agreement, including a provision to permit the incurrence of other secured debt not to exceed the greater of $600 million and an amount such that the pro forma senior secured leverage ratio is less than or equal to 4.00 to 1.00.

Pricing remains at Libor plus 125 basis points to 175 bps, depending on availability. The applicable margin was 150 bps at closing.

Euless, Texas-based U.S. Concrete provides ready-mixed concrete and aggregate products to the construction industry.

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