01—Abstract
Summary
Summary of the 8-K filed December 20, 2024. Cited figures are marked; the original filing is the authoritative source.
Martin Marietta Materials, Inc. reported on Form 8-K dated December 20, 2024 that it entered into Loan Modification No. 3 and Extension Agreement with JPMorgan Chase Bank, N.A.
(as administrative agent) and the lenders party to its $800,000,000a five-year senior unsecured revolving credit facility. The amendment, among other things, extends the maturity date of loans advanced under the Credit Agreement to December 21, 2029. The filing is limited to this material definitive agreement and the related direct financial obligation disclosure, which are incorporated by reference from Item 1.01.
The full terms of the amendment are contained in Exhibit 10.1, and the filing states that the descriptions in the 8-K are qualified in their entirety by the amendment and the original Credit Agreement. The filing also includes the cover page in Inline XBRL format.
For investors, the key takeaway is the extension of the company's revolving credit facility maturity to December 2029, which pushes out the timing of refinancing needs under this facility. The filing does not disclose borrowing amounts, pricing changes, or other financial results under the amendment.
02—Key points
Key Highlights
- Entered into Loan Modification No. 3 and Extension Agreement on December 20, 2024 with JPMorgan Chase Bank, N.A. and the lenders
- Amends the $800,000,000 five-year senior unsecured revolving credit facility (the Credit Agreement)
- Extends the maturity date of loans under the Credit Agreement to December 21, 2029
- JPMorgan Chase Bank, N.A. serves as administrative agent; Deutsche Bank Securities Inc., PNC Bank, Truist Bank and Wells Fargo Bank serve as co-syndication agents
- Filing is made under Item 1.01 (Material Definitive Agreement) and Item 2.03 (Direct Financial Obligation), with the full amendment filed as Exhibit 10.1
- Filing includes the 8-K cover page in Inline XBRL format
03—Questions
Frequently Asked Questions
What did Martin Marietta change in its revolving credit facility?
The company entered into Loan Modification No. 3 and Extension Agreement, which, among other things, extends the maturity date of loans advanced under the $800,000,000 senior unsecured revolving credit facility to December 21, 2029.
What is the size of the credit facility covered by this amendment?
The Credit Agreement is an $800,000,000 five-year senior unsecured revolving credit facility, with JPMorgan Chase Bank, N.A. as administrative agent.
Who are the parties to the amended credit agreement?
JPMorgan Chase Bank, N.A. is the administrative agent. Deutsche Bank Securities Inc., PNC Bank, National Association, Truist Bank and Wells Fargo Bank, National Association are co-syndication agents and lenders party to the Credit Agreement, along with the other Lenders defined in the Amendment.
Where can investors find the full terms of the amendment?
The full text of the amendment is filed as Exhibit 10.1 to the 8-K and is incorporated by reference. The filing states that the summary in the 8-K is qualified in its entirety by the amendment and the Credit Agreement.
Does this filing disclose borrowing amounts or pricing changes?
The filing does not state outstanding borrowing amounts, interest rates, or other pricing terms under the amendment; those details are in the referenced exhibit and Credit Agreement.
04—Continue