U.S. Concrete Refinances Credit Facility
U.S. Concrete, Inc. (NASDAQ: USCR) terminated its existing $75 million asset based credit agreement and entered into a new $80 million asset based credit agreement on August 31, 2012. The new credit agreement will expire on July 1, 2015 and includes an uncommitted accordion feature that may allow for an increase in the total commitments under the facility to as much as $125 million, subject to certain conditions and the calculation of a borrowing base. Proceeds from advances under the new credit agreement will be used to finance working capital, permitted acquisitions and for other lawful corporate purposes.
U.S. Concrete President and Chief Executive Officer, William J. Sandbrook, said, "We are excited to have refinanced our credit facility with improved terms to expand our borrowing capacity, extend the term of the facility, lower our cost of revolver funding and allow for greater flexibility to pursue our strategic plan."
For more information on this transaction, please see the Company's Current Report on Form 8-K filed September 5, 2012, visit http://www.us-concrete.com/sec.asp or contact U.S. Concrete at 817-835-4111 or email email@example.com.
U.S. Concrete services the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and concrete-related products; and precast concrete products. As of the date of this press release, the Company has 95 fixed and 12 portable ready-mixed concrete plants, two precast concrete plants and seven producing aggregates facilities. During 2011, these plant facilities produced approximately 4.0 million cubic yards of ready-mixed concrete from continuing operations and 3 million tons of aggregates. For more information on U.S. Concrete, visit www.us-concrete.com.