Martin Marietta extends credit facility to 2023, makes SOFR benchmark

By Marisa Wong

Los Angeles, Sept. 21 – Martin Marietta Materials, Inc. and wholly owned subsidiary Martin Marietta Funding LLC entered into a 14th amendment on Sept. 21 to its credit agreement dated April 19, 2013 with Truist Bank as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the maturity date of the facility to Sept. 20, 2023 and establishes SOFR as the benchmark rate to replace Libor.

The credit agreement is a $400 million trade receivables securitization facility that may be increased to an amount of up to $500 million.

Borrowings bear interest at adjusted term SOFR plus 70 bps.

The producer of construction aggregates is based in Raleigh, N.C.

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