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Vulcan obtains early tenders for 94.86% of 5.6% notes and 6.3% notes in oversubscribed offer
By Jennifer Chiou
New York, June 13 - Vulcan Materials Co. announced that it has thus far received tenders for $290.3 million total, or 94.86%, of notes in its offer for up to $275 million of its 5.6% senior notes due 2012 and 6.3% senior notes due 2013.
As of May 31, $300 million of the 5.6% notes and $250 million of 6.3% notes remained outstanding.
The early tender deadline passed at 5 p.m. ET on June 14. The offer will end at 11:59 p.m. ET on June 27.
Vulcan said it specifically took in early tenders for $174,608,000 of the 5.6% notes, of which $165,443,000 was accepted for payment on June 14, as well as $115,712,000 of the 6.3% notes, of which $109,556,000 was accepted for settlement also on Tuesday.
For each $1,000 principal amount, the company will pay $1,059.03 for the 5.6% notes and $1,089.16 for the 6.3% notes, both including a $10.00 early tender premium.
Because the offer was oversubscribed at the early deadline and the company has accepted notes up to the tender cap, Vulcan said that it will return excess tendered notes after the close of the offer.
Tendered notes may no longer be withdrawn.
BofA Merrill Lynch (888 292-0070 or call collect 980 388-9217), Goldman, Sachs & Co. (800 828-3182 or call collect 212 902-5128) and SunTrust Robinson Humphrey (404 926-5051) are the joint lead dealer managers, and Morgan Keegan and US Bancorp are the co-dealer managers.
D.F. King & Co. is the depositary and information agent (800 859-8509).
The Birmingham, Ala., company produces construction aggregates, primarily crushed stone, sand and gravel. It announced plans for the tender on May 31.
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