MARTIN MARIETTA MATERIALS, INC.

(MLM)
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Delayed Nyse  -  05/27 04:03:43 pm EDT
349.45 USD   +4.61%
05/19Fitch Affirms Martin Marietta's IDR at 'BBB'; Outlook Stable
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05/13BofA Securities Adjusts Price Target for Martin Marietta Materials to $365 From $440, Maintains Neutral Rating
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MARTIN MARIETTA MATERIALS INC : Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

12/27/2021 | 07:40am EDT

Item 1.01. Entry into a Material Definitive Agreement

On December 21, 2021, Martin Marietta Materials, Inc. (the "Corporation") entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and an Issuing Lender, Deutsche Bank AG New York Branch, PNC Bank, National Association, Truist Bank, and Wells Fargo Bank, National Association, as Syndication Agents, and the lenders and issuing lenders party thereto (the "Credit Agreement"), which provides for an $800,000,000 five-year senior unsecured revolving facility (the "Revolving Facility"). Borrowings under the Revolving Facility bear interest, at the Corporation's option, at rates based upon LIBOR or a base rate, plus, for each rate, a margin determined in accordance with a ratings-based pricing grid. The Corporation may, subject to certain conditions, increase the total amount available under the Revolving Facility to $1,050,000,000. The Revolving Facility replaces the Corporation's existing Credit Agreement, dated as of December 5, 2016, with JPMorgan Chase Bank, N.A., as Administrative Agent and Issuing Lender, Wells Fargo Bank, N.A., Branch Banking and Trust Company, SunTrust Bank and Deutsche Bank Securities Inc., as Co-Syndication Agents, and the lenders and issuing lenders party thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Existing Credit Agreement). The Existing Credit Agreement had provided for a revolving facility, under which no borrowings were outstanding prior to entering into the Revolving Facility. The Revolving Facility expires on December 21, 2026, with any outstanding principal amounts, together with interest accrued thereon, due in full on that date. The Credit Agreement requires the Corporation's ratio of consolidated debt to consolidated earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), as defined, for the trailing twelve month period (the "Ratio") to not exceed 3.5x as of the end of any fiscal quarter, provided that the Corporation may exclude from the Ratio debt incurred in connection with certain acquisitions for a period of four quarters so long as the Ratio calculated without such exclusion does not exceed 4.00x. Additionally, if there are no amounts outstanding under both the Revolving Facility and the Corporation's accounts receivable securitization facility, consolidated debt will be reduced for purposes of the calculation of the Ratio by the Corporation's cash and cash equivalents, such reduction not to exceed $500,000,000.

The Credit Agreement is filed as Exhibit 10.01 hereto and is incorporated herein by reference, and the description of the Credit Agreement contained herein is qualified in its entirety by the terms of the Credit Agreement.

Item 1.02. Termination of a Material Definitive Agreement

The information required by Item 1.02 is included under Item 1.01 "Entry into a Material Definitive Agreement" and that information is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information required by Item 2.03 is included under Item 1.01 "Entry into a Material Definitive Agreement" and that information is incorporated herein by reference.

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Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

  10.01     $800,000,000 Credit Agreement dated as of December 21, 2021, among
          Martin Marietta Materials, Inc., JPMorgan Chase Bank, N.A., as
          Administrative Agent and an Issuing Lender, and Deutsche Bank AG New York
          Branch, PNC Bank, National Association, Truist Bank, and Wells Fargo Bank,
          National Association, as Syndication Agents, and the Lenders and Issuing
          Lenders party thereto.

104       Cover Page Interactive Data File - the cover page XBRL tags are embedded
          within the Inline XBRL document.


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