Martin Marietta issues $1.5B in senior notes (5.150% due 2034, 5.500% due 2054)

MARTIN MARIETTA MATERIALS INC

Issued $750M of 5.150% Senior Notes due 2034 and $750M of 5.500% Senior Notes due 2054.
Net proceeds used to repay revolver and securitization borrowings; remainder for general corporate purposes.
Notes are senior unsecured, rank equally with existing senior debt, effectively subordinated to secured debt and subsidiary liabilities.
Optional redemption: make-whole +15bps (2034) or +20bps (2054) prior to Par Call Date; thereafter at par.
Change of control triggers repurchase at 101% of principal plus accrued interest.

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