The Firm recently represented Summit Materials, LLC and Summit Materials Finance Corp. as co-issuers in connection with a Rule 144A/Regulation S offering of $350 million aggregate principal amount of their 6.125% senior notes due 2023. Summit intends to use the net proceeds from the offering, together with borrowings from a new term loan facility and an existing revolving credit facility to finance the initial cash purchase price for its previously-announced acquisition of certain assets from Lafarge North America Inc. and to redeem $183 million in aggregate principal amount of its outstanding 10.5% senior notes due 2020.
The co-issuers are indirect subsidiaries of Summit Materials, Inc. (NYSE: SUM), one of the fastest growing construction materials companies in the United States. Summit Materials supplies aggregates, cement, ready-mix concrete and asphalt in the United States and western Canada. Since its first acquisition approximately six years ago, Summit Materials has completed 34 acquisitions and continues to pursue growth opportunities in new and existing markets.
The Simpson Thacher team included Edgar Lewandowski, Ed Tolley, Karen Wang, Benjamin Heriaud and Wenli Cai (Capital Markets); Alden Millard, Brian Gluck and Chinh Vo (Credit); Jonathan Cantor and Andrew Purcell (Tax); Wilson Neely and Jim Cross (M&A); Greg Grogan, Jennifer Pepin and Joo Hyun Lee (Executive Compensation and Employee Benefits); Ellen Smiley and James Rapp (Public Company Advisory Practice); and Michael Isby (Environmental). Summer Associate Sara Estela also provided invaluable assistance.