Published on 3/9/2017 in the Prospect News Investment Grade Daily.
New Issue: Vulcan Materials prices $350 million 3.9% 10-year notes at 135 bps over Treasuries
By Cristal Cody
Tupelo, Miss., March 9 – Vulcan Materials Co. sold $350 million of 3.9% 10-year senior notes (Baa3/BBB/BBB-) on Thursday at a spread of 135 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.603 to yield 3.948%.
Bookrunners were U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co. and SunTrust Robinson Humphrey Inc.
The company plans to use the proceeds from the offering for general corporate purposes.
The construction materials manufacturer is based in Birmingham, Ala.
| Issuer: | Vulcan Materials Co.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2027
|
| Bookrunners: | U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co. and SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Regions Securities LLC, FTN Financial Securities Corp., Synovus Securities Inc. and Williams Capital Group LP
|
| Coupon: | 3.9%
|
| Price: | 99.603
|
| Yield: | 3.948%
|
| Spread: | Treasuries plus 135 bps
|
| Call features: | Make-whole call any time prior to three months before maturity at Treasuries plus 25 bps; on or after Jan. 1, 2027 at par
|
| Trade date: | March 9
|
| Settlement date: | March 14
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
© 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.
