Martin Marietta extends $400 million Truist facility to 2024

By William Gullotti

Buffalo, N.Y., Sept. 20 – Martin Marietta Materials, Inc. and wholly owned subsidiary Martin Marietta Funding LLC entered into a 15th amendment on Wednesday 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. 19, 2024 and removed certain classes of trade receivables, including certain subsidiaries originating such receivables, from the agreement and related documents.

Additionally, PNC Bank, NA, Gotham Funding Corp. and MUFG Bank, Ltd. sold and assigned their respective interests, rights and obligations in the agreement to Truist Bank, Regions Bank and First-Citizens Bank & Trust Co.

The credit agreement continues to be 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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