Vulcan plans $650 million floaters due 2021, 2048 via six bookrunners

By Devika Patel

Knoxville, Tenn., Feb. 20 – Vulcan Materials Co. is in the market with a $650 million two-tranche offering floating-rate notes (BBB/BBB-) due 2021 and 2048, according to a 424B2 filing with the Securities and Exchange Commission.

Fitch Ratings in a news release said the offering is expected to include $300 million of notes due 2021 and the $350 million of notes due 2048.

The floaters will bear interest at a rate based upon Libor. They are non-callable.

Goldman Sachs & Co., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BofA Merrill Lynch, Regions Securities LLC and SunTrust Robinson Humphrey Inc. are the bookrunners. FTN Financial Securities Corp., Synovus Securities Inc. and Williams Capital Group LP are the co-managers.

Proceeds will be used for general corporate purposes, including debt repayment.

Vulcan Materials is a Birmingham, Ala., producer of construction aggregates.

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