U.S. Concrete, a Texas-based producer of aggregates and ready-mixed concrete, has closed its offering of US$200 million of additional senior notes.
The funds will be used for general corporate purposes, including the funding the purchase price of future acquisitions to expand its business.
The company has been an active buyer in the ready-mixed concrete sector, making four acquisitions in 2016, including three in the New York metropolitan area and one in Texas.
The offering of these additional notes follows the issuing of US$400 million in senior notes on 7 June 2016, which are also due to mature in 2024. Terms for both sets of notes are identical, the company said, other than the issue date, issue prices, first interest payment dates and provisions relating to transfer restrictions and registrations rights.
U.S. Concrete serves the construction industry in several major markets in the US, owning 154 standard ready-mixed concrete plants, 16 volumetric ready-mixed concrete facilities, and 15 aggregates facilities.
In the 12 months to 30 September 2016, the company sold about 7.8 million yd3 of ready-mixed concrete and 5.6 million short t of aggregates.
Read the article online at: https://www.worldcement.com/the-americas/11012017/us-concrete-closes-new-senior-note-offering/