Summit Materials plans to redeem 10½% notes via common stock offering

By Tali Rackner

Norfolk, Va., Dec. 18 – Summit Materials, Inc. intends to use the proceeds from a common stock offering for Summit Materials Holdings LP to redeem its 10½% senior notes due Jan. 31, 2020, according to an S-1 filing with the Securities and Exchange Commission.

As of Sept. 27, $625 million of the notes were outstanding.

Proceeds will also be used to purchase class B units of Continental Cement, pay a one-time termination fee to an affiliate of Blackstone in connection with the termination of a transaction and management fee agreement, repay some or all of the then-outstanding amounts under its senior secured credit facilities and for general corporate purposes.

Summit is a Washington, D.C.-based acquirer of heavy-side building materials companies in the aggregates, ready-mix concrete, cement, asphalt paving and construction industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.