HOUSTON, March 5 /PRNewswire-FirstCall/ -- U.S. Concrete, Inc. announced today that it has increased the total commitments under its existing revolving credit facility by $45 million from $105 million to $150 million, effective March 2, 2007. The other terms of the credit facility remained substantially the same and the amounts borrowed under this facility are due in March 2011.
"The increase in the revolving credit facility demonstrates the confidence of our lender group in our business plan, complements our capital raising efforts in 2006 and provides us with substantial liquidity to execute our strategic objectives," said Robert D. Hardy, U.S. Concrete's Senior Vice President and Chief Financial Officer.
The Company intends to use amounts available under the credit facility for general corporate purposes. U.S. Concrete services the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and concrete-related products; and western precast concrete. The Company has 138 fixed and seven portable ready-mixed concrete plants, 10 pre-cast concrete plants, three concrete block plants and eight aggregates facilities. During 2006, these facilities produced approximately 8.7 million cubic yards of ready-mixed concrete, 4.0 million eight-inch equivalent block units and 3.7 million tons of aggregates. For more information on U.S. Concrete, visit http://www.us-concrete.com/ .
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements that are based on management's belief as well as assumptions made by and information currently available to management. These forward-looking statements speak only as of the date of this press release. The Company disclaims any obligation to update these statements and cautions you not to rely unduly on them. Forward- looking statements include, but are not limited to, the statements regarding the effect of the increase in the revolving credit facility, our ability to execute our strategic objectives and our intention to use amounts available under the credit facility for general corporate purposes. Although U.S. Concrete believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions, including, among other matters: general and regional economic conditions; the level of activity in the construction industry; the ability of U.S. Concrete to effectively integrate the operations of acquired companies; development of adequate management infrastructure; departure of key personnel; access to labor; union disruption; competitive factors; government regulations; exposure to environmental and other liabilities; the cyclical and seasonal nature of U.S. Concrete's business; adverse weather; the availability and pricing of raw materials; and general risks related to the industry and markets in which U.S. Concrete operates. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. These risks, as well as others, are discussed in greater detail in U.S. Concrete's filings with the Securities and Exchange Commission, including U.S. Concrete's Annual Report on Form 10-K for the year ended December 31, 2005, and the Company's subsequent Quarterly Reports on Form 10-Q.
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