S&P rates U.S. Concrete notes BB-

S&P said it assigned its BB- issue-level rating and 4 recovery rating to U.S. Concrete Inc.'s proposed $350 million senior unsecured notes due 2024.

The 4 recovery rating indicates an expectation for modest recovery (30% to 50%; lower end of the range) for unsecured noteholders if a payment default occurs.

The company will use proceeds to repay its $200 million senior secured notes due 2018, pay down borrowings under its asset-based lending (ABL) revolving credit facility and provide capital for opportunistic acquisitions.

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