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BofA Agents U.S. Concrete’s Facility Increase to $175 Million

September 15, 2014, 07:47 AM
Filed Under: Manufacturing

 U.S. Concrete, Inc. announced the company and certain of its subsidiaries, as guarantors, entered into a second amendment (the "Second Amendment") to that certain First Amended and Restated Loan and Security Agreement (as amended, the "Loan Agreement") by and among the Company and certain financial institutions named therein, as lenders (the "Lenders"), and Bank of America, N.A., as agent for the Lenders. The Second Amendment amends the Loan Agreement to increase the revolving commitments from $125.0 million to $175.0 million and to remove certain conditions to funding, including removal of (i) the uncommitted accordion feature, (ii) the maximum leverage ratio condition for the refinancing of certain senior secured notes of the Company and (iii) a requirement that any such senior notes refinancing debt must mature six months outside the expiration date of the Loan Agreement.

"We believe that the execution of the Second Amendment is a prudent measure that, as our borrowing base grows going forward, will provide us with additional capacity to pursue our growth strategy through acquisitions and capital expenditures," said U.S. Concrete President and Chief Executive Officer William J. Sandbrook.

U.S. Concrete services the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products. The Company has 108 fixed and 10 portable ready-mixed concrete plants and nine producing aggregates facilities. During 2013, U.S. Concrete produced approximately 5.2 million cubic yards of ready-mixed concrete and approximately 3.6 million tons of aggregates.

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