Vulcan Materials enters $2B delayed draw term loan facility for Wake Stone acquisition

Vulcan Materials CO

$2.0 billion 2-year delayed draw term loan facility entered on Nov 4, 2024, to fund Wake Stone Corp. acquisition.
Revolving credit facility amended; maturity extended to Nov 4, 2029, with two one-year extension options.
Financial covenant: max debt/EBITDA ratio of 3.50:1 (4.00:1 for four quarters after material acquisitions).
Interest on term loan: Term SOFR + 1.000%-1.625% or base rate + 0.000%-0.625%, based on credit ratings.
Net availability under revolving facility approx. $1,504.8M after $95.2M in standby letters of credit.

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