By Andrea Heisinger
Omaha, April 16 - Martin Marietta Materials Inc. priced $300 million 6.6% 10-year senior notes Wednesday to yield Treasuries plus 295 basis points, an informed source said.
The notes (Baa1/BBB+) priced at 99.929 to yield 6.61%. They have a make-whole redemption option of Treasuries plus 45 bps.
The notes also feature a change-of-control put of 101%.
Bookrunners were Banc of America Securities LLC, J.P. Morgan Securities Inc. and Wachovia Capital Securities LLC.
Co-managers were BB&T Capital Markets, Wells Fargo Securities and Citigroup Global Markets Inc.
Proceeds will be used to repay debt outstanding under a commercial paper program.
The producer of construction aggregates is based in Raleigh, N.C.
| Issuer: | Martin Marietta Materials Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | April 15, 2018
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., Wachovia Capital Securities LLC
|
| Co-managers: | BB&T Capital Markets, Wells Fargo Securities, Citigroup Global Markets Inc.
|
| Coupon: | 6.6%
|
| Price: | 99.929
|
| Yield: | 6.61%
|
| Spread: | Treasuries plus 295 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Change-of-control put: | 101%
|
| Trade date: | April 16
|
| Settlement date: | April 21
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
© 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.
