BIRMINGHAM, Ala., June 3, 2011 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC) today announced the pricing of $500 million aggregate principal amount of 6.5% senior unsecured notes due 2016 and $600 million aggregate principal amount of 7.5% senior unsecured notes due 2021. The offering is expected to close on June 14, 2011, subject to the satisfaction of customary closing conditions.
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After deducting underwriting discounts and estimated offering expenses, Vulcan Materials intends to use the expected net proceeds from this offering of approximately $1.083 billion to terminate its existing term loan due 2015, fund a partial tender offer for its existing senior notes due 2012 and 2013, reduce borrowings under its credit facility, and for general corporate purposes.
BofA Merrill Lynch, Goldman, Sachs & Co. and SunTrust Robinson Humphrey are acting as joint book-running managers for the offering.
The notes are being offered under an effective shelf registration statement that is on file with the Securities and Exchange Commission. The offering of securities is made only by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus can be obtained from: BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Prospectus Department or by emailing dg.prospectus_requests@baml.com or Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Vulcan Materials Company, a member of the S&P 500 Index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida.
Use of Forward-Looking Statements
This news release may contain "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. Such forward-looking statements are inherently uncertain, and security holders must recognize that actual results may differ from expectations. Readers are strongly encouraged to read the full cautionary statements contained in Vulcan Materials Company filings with the SEC. Vulcan Materials Company disclaims any obligation to update or revise any forward-looking statements.
SOURCE Vulcan Materials Company
