U.S. Concrete gets new $125 million asset-based facility

By Sara Rosenberg

New York, March 15 - U.S. Concrete Inc. closed on a new $125 million asset-backed credit facility. Citigroup and Bank of America were the lead banks on the deal.

The facility consists of a $100 million revolver due March 12, 2009 and a $25 million non-amortizing term loan due March 12, 2007.

Upon closing, U.S. Concrete borrowed $44 million under the revolver and $20 million under the term loan.

The new facility replaces the company's previous $100 million revolver that was set to mature in May 2004.

"Completion of the refinancing of our bank credit facility represents a significant milestone for the company as we progress with the execution of our operating plan for 2004," said Michael W. Harlan, chief operating officer and chief financial officer, in a company press release. "We are excited about the long-term commitment our senior lenders have made to our company. The new credit facility provides us with both liquidity and financial flexibility to continue our operating and growth strategy."

U.S. Concrete is a Houston provider of ready-mixed concrete and related concrete products and services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.