Martin Marietta Materials has entered into a new five-year, $1.5 billion senior unsecured revolving credit facility, which replaces its previous credit agreement dated December 21, 2021. The new facility, administered by JPMorgan Chase Bank, N.A., provides financial flexibility for general corporate purposes.
Key Details
- Agreement: Provides for a $1.5 billion five-year senior unsecured revolving credit facility, effective August 18, 2026, and expiring on August 18, 2031.
- Financial Covenant: Requires the company to maintain a maximum leverage ratio of 3.75:1.00. This limit is temporarily increased to as high as 4.75:1.00 for three quarters following the closing of the previously announced acquisition of Lhoist North America.
- Purpose: The new facility replaces the company's prior credit agreement, under which there were no outstanding borrowings prior to its termination.