Chicago, May 7 – Vulcan Materials Co. sold $750 million of 10-year senior notes (Baa3/BBB+/BBB-) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The 3.5% notes priced at 99.722 to yield 3.533%, or 290 basis points over Treasuries.
The notes will have a make-whole call until three months prior to maturity and then are callable at par.
Bookrunners are BofA Securities Inc., Goldman Sachs & Co. LLC, SunTrust Robinson Humphrey Inc., Regions Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
The company plans to use the proceeds from the offering to repay all of the company’s floating-rate notes due June 15, 2020 and March 1, 2021.
Vulcan makes construction materials and is based in Birmingham, Ala.
| Issuer: | Vulcan Materials Co.
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Maturity: | June 1, 2030
|
| Bookrunners: | BofA Securities Inc., Goldman Sachs & Co. LLC, SunTrust Robinson Humphrey Inc., Regions Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Co-managers: | FHN Financial Securities Corp., Siebert Williams Shank & Co., LLC and Synovus Securities, Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.722
|
| Yield: | 3.533%
|
| Spread: | Treasuries plus 290 bps
|
| Call features: | Make-whole call any time prior to three months before maturity at Treasuries plus 45 bps; on or after March 1, 2030 at par
|
| Change-of-control put: | At 101 plus accrued interest
|
| Trade date: | May 7
|
| Settlement date: | May 18
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB+
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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