Vulcan Materials received tenders in aggregate principal amount of US$290.3M for previously announced offer for up to US$275M aggregate principal amount of senior notes, will pro rate holders at rate of about 94.86%
June 14, 2011
– Vulcan Materials Company (NYSE:VMC - News) announced today the early results of its previously announced tender offer (the "Tender Offer") to purchase up to $275 million aggregate principal amount (the "Maximum Tender Amount") of its 5.6% senior notes due 2012 and 6.3% senior notes due 2013 (together, the "Notes"). Vulcan Materials Company received tenders in an aggregate principal amount of $290.3 million and as a result will pro rate holders at a rate of approximately 94.86%.
Notes validly tendered as of 5:00 p.m., New York City time, today (the "Early Tender Deadline") and accepted for purchase in accordance with the terms of the Tender Offer are expected to receive payment tomorrow, June 14, 2011. Since the offer is oversubscribed, Vulcan Materials Company will not accept any additional Notes tendered in the Tender Offer and will return any Notes not accepted to holders immediately after the expiration of the Tender Offer, scheduled to be 11:59 p.m., New York City time, on June 27, 2011, unless extended or earlier terminated (the "Expiration Date"). The terms and conditions of the Tender Offer are set forth in an Offer to Purchase and the related Letter of Transmittal dated May 31, 2011 (the "Offer Documents").
The terms and conditions of the Tender Offer remain unchanged, including the withdrawal deadline which was 5:00 p.m., New York City time, on June 13, 2011. Tendered Notes may no longer be withdrawn. Vulcan Materials Company is making the Tender Offer only by, and pursuant to, the terms and conditions set forth in the Offer Documents.
BofA Merrill Lynch, Goldman, Sachs & Co. and SunTrust Robinson Humphrey are the joint-lead dealer managers, and Morgan Keegan and US Bancorp are the co-dealer managers for the Tender Offer. The Depositary and the Information Agent is D.F. King & Co. Copies of the Offer to Purchase, Letter of Transmittal and related offering materials are available by contacting the Information Agent at (800) 859-8509. Questions regarding the Tender Offer should be directed to BofA Merrill Lynch, Debt Advisory Services at (888) 292-0070 (toll-free) or (980) 388-9217 (collect), Goldman, Sachs & Co., Liability Management Group at (800) 828-3182 (toll-free) or (212) 902-5128 (collect) and SunTrust Robinson Humphrey, Liability Management Group at (404) 926-5051.
This press release is not an offer to sell or to purchase or a solicitation to purchase or accept any securities or tender offer, which may only be made pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. The Company may amend, extend or terminate the tender offer in its sole discretion. This offer is not being made to holders of notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction.
Vulcan Materials Company, a member of the S&P 500 Index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida.