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Martin Marietta Announces Pricing Terms of Debt Offering

RALEIGH, N.C., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) ("Martin Marietta" or the "Company") announced today the pricing of its offering of $750 million aggregate principal amount of 5.150% Senior Notes due 2034 (the "2034 Notes") and $750 million aggregate principal amount of 5.500% Senior Notes due 2054 (the "2054 Notes" and, together with the 2034 Notes, the "Notes"). The 2034 Notes will mature on December 1, 2034, will have an interest rate of 5.150% per annum and will be issued at 99.266% of par value. The 2054 Notes will mature on December 1, 2054, will have an interest rate of 5.500% per annum and will be issued at 98.006% of par value. Interest on each series of Notes will be paid semiannually on June 1 and December 1, commencing June 1, 2025. The Notes will be sold pursuant to Martin Marietta's shelf registration statement, base prospectus and prospectus supplement on file with the Securities and Exchange Commission ("SEC").

The Company intends to use a portion of the net proceeds of the Notes for the repayment of all borrowings outstanding under its revolving credit facility and trade receivables securitization facility. The remaining net proceeds of the Notes are expected to be used for general corporate purposes, which may include financing potential acquisitions, land purchases or other capital needs. Closing of the offering is expected to occur on November 4, 2024, subject to the satisfaction of customary closing conditions.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Truist Securities, Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC will serve as underwriters and joint book-running managers for the offering.

Martin Marietta has filed a shelf registration statement on Form S-3 ...