The Firm recently represented Summit Materials, LLC and Summit Materials Finance Corp. as co-issuers in connection with a Rule 144A/Regulation S offering of $800 million aggregate principal amount of 7.250% Senior Notes due 2031. Summit Materials plans to use the proceeds from the offering, together with borrowings under a new senior secured incremental term loan facility, to finance the initial cash purchase price for its previously-announced acquisition of all the outstanding equity interests of Argos North America Corp. (the “Argos Transaction”), repay its existing term loans and pay related fees and expenses incurred in connection with the offering, the Argos Transaction and other financing transactions in connection therewith.
The co-issuers are indirect subsidiaries of Summit Materials, Inc. (NYSE: SUM), a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential end markets.
The Simpson Thacher team included Edgar Lewandowski, Ben Heriaud, Joann Kim, Ziang Zhou and Sofia Elkina (Capital Markets); Brian Gluck and Roman Ibragimov (Credit); Jonathan Cantor and Adam Hersch (Tax); Jamin R. Koslowe and Yifan Cao (Executive Compensation and Employee Benefits); and Timothy J. Mulvihill (Environmental).