Loan & DebtJul 15, 2026, 04:13 PM
Martin Marietta Secures $1.5B Term Loan for Acquisition
AI Summary
Martin Marietta Materials, Inc. has entered into a new $1.5 billion three-year senior unsecured term loan facility to finance its previously announced acquisition of Lhoist North America, Inc. Concurrently, the company amended its existing $800 million revolving credit facility. Both agreements include modified financial covenants, establishing a tiered maximum Leverage Ratio that adjusts over time following the acquisition's closing, starting at 4.75:1.00 for the initial three fiscal quarters.
Key Highlights
- Secured a new $1.5 billion three-year senior unsecured term loan facility.
- Proceeds from the term loan will fund a portion of the Lhoist North America acquisition.
- Amended the existing $800 million five-year senior unsecured revolving credit facility.
- Maximum Leverage Ratio set at 4.75:1.00 for first three quarters post-acquisition.
- Leverage Ratio will reduce to 4.25:1.00 for subsequent three quarters.
- Final maximum Leverage Ratio will be 3.75:1.00 thereafter.
Price Impact
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