U.S. Concrete Amends Credit Facility
EULESS, Texas, Oct. 29, 2013 (GLOBE NEWSWIRE) -- On October 29, 2013, U.S.
Concrete, Inc. (Nasdaq:USCR) (the "Company" or "U.S. Concrete") amended and
restated its asset-based credit agreement. The amendment, among other
provisions, effects the following changes upon a qualified refinancing of the
Company's 9.50% Senior Secured Notes due 2015 (if any):
(1) increases the total commitments under the credit facility from $102.5
million to $125 million; and
(2) extends the expiration date of the credit facility from July 1, 2015
to the earlier of (i) October 29, 2018 or (ii) 60 days prior to the maturity
of the indebtedness incurred in refinancing the Senior Secured Notes.
The amendment also increases the uncommitted accordion feature to $50 million,
increasing the total commitments that may be allowable under the credit
facility to $175 million.Availability under the facility is subject to
certain conditions including the calculation of a borrowing base. U.S.
Concrete President and Chief Executive Officer, William J. Sandbrook, said,
"The amendment provides us with needed flexibility, including a contingent
increase in borrowing capacity and extension of tenor, and is another step
that better aligns the Company's capital structure with our strategic plan for
For more information, please contact U.S. Concrete at 817-835-4159 or email
About U.S. Concrete, Inc.
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. As of the date of this press release, the Company has 105
fixed and 10 portable ready-mixed concrete plants and seven producing
aggregates facilities. During 2012, these plant facilities produced
approximately 4.8 million cubic yards of ready-mixed concrete and 3.3 million
tons of aggregates. For more information on U.S. Concrete, visit
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information
that are based on management's beliefs, as well as assumptions made by and
information currently available to management. These forward-looking
statements speak only as of the date of this press release. U.S. Concrete
disclaims any obligation to update these statements and cautions you not to
rely unduly on them. Although U.S. Concrete believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that those expectations will prove to have been correct. These
forward-looking statements are subject to risks and uncertainties that may
cause actual results to differ materially, including the possibility that the
anticipated benefits from such activities, events, developments or
transactions cannot be fully realized or the possibility that costs or
difficulties related thereto will be greater than expected. Should one or more
of these risks materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those expected. Additional risks
affecting U.S. Concrete are discussed in greater detail in U.S. Concrete's
filings with the Securities and Exchange Commission; including U.S. Concrete's
Annual Report on Form 10-K for the year ended December 31, 2012 and its
subsequent filings on Form 10-Q.
CONTACT: Matt Brown, SVP & CFO
U.S. Concrete, Inc.
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