By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, June 21 – Martin Marietta Materials Inc. priced $2.5 billion of fixed-rate senior notes (Baa2/BBB+/BBB) in three tranches on Monday, according to a news release.
The company priced $700 million of 0.65% senior notes due July 15, 2023 at 99.988. This tranche was talked in the Treasuries plus 60 basis points area, according to a market source.
It priced $900 million of 2.4% senior notes due July 15, 2031 at 99.937. These notes were talked to yield in the 115 bps area over Treasuries.
And Marin Marietta priced $900 million of 3.2% senior notes due July 15, 2051 at 99.197. This tranche was talked with a yield in the 135 bps area over Treasuries.
All three tranches have a make-whole call initially and then a par call.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Truist Securities Inc. and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to acquire the Lehigh West Region Business from Lehigh Cement Co. LLC and for general corporate purposes.
The producer of construction aggregates is based in Raleigh, N.C.
Issuer: | Martin Marietta Materials Inc.
|
Issue: | Fixed-rate senior notes
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Amount: | $2.5 billion
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Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Truist Securities Inc. and Wells Fargo Securities LLC
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Pricing date: | June 21
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Settlement date: | July 2
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Ratings: | Moody’s: Baa2
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| S&P: BBB+
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| Fitch: BBB
|
|
Two-year notes
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Amount: | $700 million
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Maturity: | July 15, 2023
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Coupon: | 0.65%
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Price: | 99.988
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Talk: | Treasuries plus 60 bps area
|
|
10-year notes
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Amount: | $900 million
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Maturity: | July 15, 2031
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Coupon: | 2.4%
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Price: | 99.937
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Talk: | Treasuries plus 115 bps area
|
|
30-year notes
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Amount: | $900 million
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Maturity: | July 15, 2051
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Coupon: | 3.2%
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Price: | 99.197
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Talk: | Treasuries plus 135 bps area
|
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