Martin Marietta to price fixed-rate notes, floaters in three parts

By Devika Patel

Knoxville, Tenn., Dec. 6 – Martin Marietta Materials Inc. intends to offer senior notes in three tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be sold in two fixed-rate tranches and one floating-rate tranche, with one of the fixed-rate tranches due in 2027, one of the fixed-rate tranches due in 2047 and a floating-rate tranche due in 2019.

The fixed-rate portions will have make-whole calls and par calls. The floaters will be non-callable.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to acquire Panadero Corp. and Panadero Aggregates Holdings, LLC for $1.625 billion in cash and refinance in full at maturity the $300 million of the company’s 6.6% senior notes due April 15, 2018.

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

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