Summit Materials to redeem 35% of 10½% notes at 110.5 on Jan. 30

By Jennifer Chiou

New York, Dec. 29 – Summit Materials, LLC issued a notice of conditional partial redemption for $218.75 million, or 35%, of its $625 million of outstanding 10½% senior notes due Jan. 31, 2020, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price will be equal to 110.5 plus accrued interest to the Jan. 30 redemption date.

The filing noted that the redemption is conditioned upon, among other things, the completion of the initial public offering of Summit Materials, Inc., which will become the indirect parent of Summit Materials, LLC and Summit Materials Finance Corp.

As announced earlier in December, the company said it will use the proceeds from a common stock offering to redeem the notes.

Based in Denver, Summit acquires of heavy-side building materials companies in the aggregates, ready-mix concrete, cement, asphalt paving and construction industries.

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