RALEIGH, N.C., June 21, 2021 (GLOBE NEWSWIRE) — Martin Marietta Materials, Inc. (NYSE:MLM) announced today the pricing of its offering of $700 million aggregate principal amount of 0.650% Senior Notes due 2023, $900 million aggregate principal amount of 2.400% Senior Notes due 2031 and $900 million aggregate principal amount of 3.200% Senior Notes due 2051. The 2023 Notes will mature on July 15, 2023, will have an interest rate of 0.650% per annum and will be issued at 99.988% of par value. The 2031 Notes will mature on July 15, 2031, will have an interest rate of 2.400% per annum and will be issued at 99.937% of par value. The 2051 Notes will mature on July 15, 2051, will have an interest rate of 3.200% per annum and will be issued at 99.197% of par value. Interest on each series of Notes will be paid semiannually on January 15 and July 15, commencing January 15, 2022. The Notes will be sold pursuant to Martin Marietta’s shelf registration statement, base prospectus and prospectus supplement on file with the Securities and Exchange Commission.
The net proceeds of the 2031 Notes and the 2051 Notes are expected to be used, together with cash on hand, to pay the consideration for the Company’s previously announced acquisition of the Lehigh West Region Business (the “Acquisition”) and to pay related fees and expenses. The net proceeds of the 2023 Notes are expected to be used for general corporate purposes, which may include funding acquisitions (including without limitation the Acquisition) or repaying indebtedness. Closing of the offering is expected to occur on July 2, 2021, subject to the satisfaction of customary closing conditions.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC will serve as underwriters and joint book-running managers for the offering.
Company Description
Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 26 states, Canada and the Bahamas, dedicated Martin Marietta teams supply the resources for building the solid foundations on which our communities thrive. Martin Marietta’s Magnesia Specialties business produces high-purity magnesia and dolomitic lime products used worldwide in environmental, industrial, agricultural and specialty applications.
