Smyrna ready mix

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Smyrna Ready Mix LLC today completed its $830 million offering of eight-year senior secured notes via J.P. Morgan, BNP Paribas, BofA Securities, and Goldman Sachs. The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources.

Proceeds will be used to fund certain acquisitions, to refinance existing debt and for general corporate purposes. Financing also includes a $100 million ABL revolver due 2025 with a springing fixed-charge covenant, S&P Global Ratings said in a report. Due to the bond offering's size increase, the issuer pulled a proposed $315 million, seven-year term loan B.

Smyrna Ready Mix LLC is a provider of ready-mix concrete, aggregates, and other concrete-related products and services. Terms:

IssuerSRM Escrow Issuer LLC
RatingsB+/B1
Amount$830 million
IssueSenior secured (144A/Reg S for life)
Coupon6%
Price100
Yield6%
SpreadT+530
MaturityNov. 1, 2028
CallNon-call three (first call at par +50% coupon)
Trade (date)Oct. 30, 2020
SettleNov. 6, 2020 (T+5)
Joint bookrunnersJPM/BNPP/BofA/GS
Price talk5.75%-6%; 5% area IPT
NotesUpsized from $515 million; CoC at 101
Sours: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/smyrna-ready-mix-prints-upsized-secured-notes-to-yield-6-terms-61038516

SMYRNA READY MIX CONCRETE, LLC

Charging Party
Legal Representative
Suetholz, David
515 Park Ave.
Louisville, KY
40208
(502)636-4333
Charged Party / Respondent
Legal Representative
Veirs, Kimberly
BASS BERRY SIMS
150 THIRD AVENUE SOUTH, SUITE 2800
NASHVILLE, TN
37201
(615)742-7792
Charged Party / Respondent
Legal Representative
Pirtle, Mary Leigh
BASS BERRY SIMS
150 Third Avenue South, Suite 2800
Nashville, TN
37201
(615)742-7773
Charging Party
Legal Representative
Newport, Pamela
Branstetter, Stranch & Jennings PLLC
425 Walnut Street
Suite 2315
Cincinnati, OH
45202
(513)381-2224
Charged Party / Respondent
Legal Representative
Horton, Robert
Bass, Berry & Sims PLC
150 3rd Ave S Ste 2800
Nashville, TN
37201-2017
(615)742-7708
Charged Party / Respondent
Legal Representative
GARRETT, TIMOTHY
Bass Berry Sims, PLC
150 3rd Ave S Ste 2800
Nashville, TN
37201-2017
(615)742-6270
Charging Party
Union
General Drivers, Warehousemen & Helpers Local Union 89, affiliated with the International Brotherhood of Teamsters, AFL-CIO
3813 Taylor Blvd
Louisville, KY
40215-2695
(502)368-5885
Charged Party / Respondent
Employer
Smyrna Ready Mix Concrete LLC
1136 2nd Ave N
Nashville, TN
37208-1702
(615)355-1028
Sours: https://www.nlrb.gov/case/09-CA-255573
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(Smyrna)  Smyrna Ready Mix Concrete, LLC, a concrete manufacturer, announced the acquisition of Sequatchie Concrete. Sequatchie Concrete is a family owned company in operation since 1954 and serving the East Tennessee, North Alabama, and North Georgia markets.

SRM CEO Jeff Hollingshead said, “With over sixty years of concrete experience, Sequatchie Concrete is a natural fit for SRM. This acquisition allows us to provide excellent products and service in East TN, Northern AL and Northern GA. These two areas are undergoing rapid growth and we are excited to be able to play a part in building their future.”

SRM President Mike Hollingshead noted, “We look forward to building relationships with the Sequatchie team and welcoming them into our Smyrna Ready Mix family.”

Smyrna Ready Mix is a family-owned, leading concrete supplier. Founded in 1999 by Mike and Melissa Hollingshead, the company owns and operates a network of ready-mix concrete plants and trucks focused on producing and delivering ready-mix concrete as well as providing ancillary services across the commercial and residential construction segments. SRM has pursued an active acquisition strategy, having successfully acquired and integrated over fifty companies since 2005.

SRM also announced this week the acquisitions of Reed Ready Mix, McCoig Concrete, Sagamore Ready Mix and Cornerstone Ready Mix. SRM Concrete currently has locations that span across thirteen states including; Florida, Georgia, Alabama, Indiana, Kentucky, Ohio, Virginia, Texas, South Carolina, Arkansas, Michigan, Mississippi and Tennessee.

For a list of locations and to learn more about SRM Concrete, visit Smyrnareadymix.com.

Sections:News




Sours: https://www.wgnsradio.com/article/64479/smyrna-ready-mix-concrete-expands
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