01—Abstract
Summary
Summary of the 8-K filed September 17, 2025. Cited figures are marked; the original filing is the authoritative source.
Martin Marietta Materials, Inc. (NYSE: MLM) reported in this Form 8-K, filed September 17, 2025, that on September 16, 2025 it and its wholly-owned subsidiary, Martin Marietta Funding LLC ("MM Funding"), entered into the Seventeenth Amendment to its Credit and Security Agreement with Truist Bank, successor by merger to SunTrust Bank, dated as of April 19, 2013.
The amendment extends the scheduled maturity of the trade receivables securitization facility to September 16, 2026. The facility is a $400,000,000a trade receivables securitization backed by receivables originated by the Corporation or certain subsidiaries and acquired by the Corporation, which are sold or contributed to MM Funding. Subject to conditions in the Credit Agreement, including lenders providing the requisite commitments, the facility may be increased to an amount not to exceed $600,000,000.
Effective with the amendment, MM Funding's borrowings bear interest at Adjusted Term SOFR plus 0.700%b, subject to change if the Administrative Agent determines Adjusted Term SOFR cannot be determined or SOFR no longer reflects the lenders' cost of lending. The Credit Agreement includes an amortization event tied to a payment default or acceleration of one of the Corporation's material debt agreements. The full Seventeenth Amendment, including a conformed copy of the Credit Agreement reflecting all changes, is filed as Exhibit 10.01.
02—Key points
Key Highlights
- Seventeenth Amendment to the trade receivables securitization Credit and Security Agreement entered into on September 16, 2025 with Truist Bank as administrative agent and lender.
- Scheduled maturity of the facility extended to September 16, 2026.
- Facility size is $400,000,000, with a possible increase to an amount not to exceed $600,000,000, subject to conditions and lender commitments.
- Borrowings by Martin Marietta Funding LLC bear interest at Adjusted Term SOFR plus 0.700%, effective with the amendment.
- Interest rate may change if Adjusted Term SOFR cannot be determined or SOFR no longer reflects lenders' cost of lending.
- The Credit Agreement contains an amortization event triggered by a payment default or acceleration of one of the Corporation's material debt agreements.
- Full amendment and conformed Credit Agreement are filed as Exhibit 10.01.
03—Questions
Frequently Asked Questions
What did Martin Marietta Materials agree to in this filing?
On September 16, 2025, the company and its subsidiary Martin Marietta Funding LLC entered into the Seventeenth Amendment to their trade receivables securitization Credit and Security Agreement with Truist Bank, extending the scheduled maturity to September 16, 2026.
How large is the receivables securitization facility?
The facility is $400,000,000 and may be increased to an amount not to exceed $600,000,000, subject to certain conditions, including lenders providing the requisite commitments.
What interest rate applies to borrowings under the facility?
Effective with the Seventeenth Amendment, MM Funding's borrowings bear interest at Adjusted Term SOFR plus 0.700%, which may change if the Administrative Agent determines Adjusted Term SOFR cannot be determined or SOFR no longer reflects lenders' cost of lending.
What is an amortization event under this facility?
The Credit Agreement includes an amortization event related to a payment default or acceleration of one of the Corporation's material debt agreements.
Where can investors find the full terms of the amendment?
The Seventeenth Amendment, including a conformed copy of the Credit Agreement reflecting all changes through the amendment, is filed as Exhibit 10.01 to this Form 8-K and incorporated by reference.
04—Continue