Vulcan wraps $1.1 billion bond issuance
Vulcan Materials Co. said Thursday it has completed a $1.1 billion bond issuance and taken steps to reduce the amount of debt it has coming due over the next several years.
The construction materials producer issued $500 million worth of senior unsecured notes due 2016 and $600 million of senior unsecured notes due 2021.
Management said the issuance received $3.2 billion worth of orders.
Vulcan has used part of the proceeds to buy $275 million in senior unsecured notes due 2012 and 2013 and plans to prepay a $450 million term loan due 2015 and reduce debt borrowed against its revolving credit facility.
The company also entered into interest rate swaps with a consortium of banks to change the fixed rate on $500 million in notes due 2016 to floating rates.
Vulcan expects to incur a pretax charge of about $26.5 million in the second quarter related to the use of proceeds from the bonds.
It also projects its 2011 net interest expense will be about $213 million, including the second-quarter charge.
"By significantly reducing the amount of debt maturing in the next several years, these actions provide financial flexibility to continue investing in our business as the economy, and our volumes, recover," said Don James, Vulcan's chairman and chief executive.
Vulcan shares ended the regular session up 22 cents to $38.
Vulcan Materials Company - News
Vulcan Materials Co. said Thursday it has completed a $1.1 billion bond issuance and taken steps to reduce the amount of debt it has coming due over the next several years. The construction materials producer issued $500 million worth of senior
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Vulcan Materials Company (VMC - Analyst Report) announced pricing of $500 million and $600 million aggregate principal amount of, respectively, 6.5% senior unsecured notes due 2016 and 7.5% senior unsecured notes due 2021. The offering is expected to
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