Summit Materials Completes $300 Million High Yield Debt Offering
11.19.15
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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 $300 million aggregate principal amount of their 6.125% senior notes due 2023. The notes were issued as additional notes under an existing indenture pursuant to which $350 million aggregate principal amount of 6.125% senior notes due 2023 were issued in July 2015. The net proceeds from the offering will be used to redeem the remaining $153.8 million in aggregate principal amount of the issuers’ 10.5% senior notes due 2020 with the remaining net proceeds to be used for general corporate purposes, which may include the repayment of certain other indebtedness.
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 37 acquisitions and continues to pursue growth opportunities in new and existing markets.
The Simpson Thacher team included Edgar Lewandowski, Ed Tolley, Karen Wang, Emily Nagle and Ashley Yoon (Capital Markets); Alden Millard and Brian Gluck (Credit); Jonathan Cantor and Andrew Purcell (Tax); Greg Grogan, Jennifer Pepin and Joo Hyun Lee (Executive Compensation and Employee Benefits); Ellen Smiley (Public Company Advisory Practice); and Michael Isby (Environmental).