Martin Marietta Materials Enters Definitive Agreement
Ticker: MLM · Form: 8-K · Filed: Sep 19, 2024 · CIK: 916076
| Field | Detail |
|---|---|
| Company | Martin Marietta Materials INC (MLM) |
| Form Type | 8-K |
| Filed Date | Sep 19, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $400,000,000, $500,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement
Related Tickers: MLM
TL;DR
MLM signed a big deal, details TBD.
AI Summary
On September 18, 2024, Martin Marietta Materials Inc. entered into a material definitive agreement. The filing does not disclose specific details of the agreement, the counterparty, or any associated financial figures.
Why It Matters
This filing indicates a significant new contract or partnership for Martin Marietta Materials, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and impact of the agreement.
Key Players & Entities
- Martin Marietta Materials Inc. (company) — Registrant
FAQ
What type of material definitive agreement did Martin Marietta Materials Inc. enter into?
The filing does not specify the type of material definitive agreement.
Who is the counterparty to this material definitive agreement?
The filing does not disclose the name of the other party involved in the agreement.
What is the effective date of this material definitive agreement?
The earliest event reported in the filing is dated September 18, 2024.
Are there any financial terms or obligations associated with this agreement disclosed in the filing?
No specific financial terms or obligations are disclosed in this filing.
Does this filing provide any context for why this agreement is considered 'material'?
The filing states it is a 'material definitive agreement' but does not provide further context or explanation for its materiality.
Filing Stats: 766 words · 3 min read · ~3 pages · Grade level 14.1 · Accepted 2024-09-19 16:34:49
Key Financial Figures
- $400,000,000 — was removed. The Credit Agreement is a $400,000,000 trade receivables securitization facili
- $500,000,000 — be increased to an amount not to exceed $500,000,000. Effective with the Sixteenth Amendment
Filing Documents
- form8-k.htm (8-K) — 30KB
- ex10-01.htm (EX-10.01) — 988KB
- 0000950157-24-001270.txt ( ) — 1326KB
- mlm-20240918.xsd (EX-101.SCH) — 4KB
- mlm-20240918_lab.xml (EX-101.LAB) — 21KB
- mlm-20240918_pre.xml (EX-101.PRE) — 16KB
- form8-k_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement On September 18, 2024, Martin Marietta Materials, Inc., (the "Corporation") and its wholly owned subsidiary, Martin Marietta Funding LLC ("MM Funding"), entered into the Sixteenth Amendment (the "Sixteenth Amendment") to its Credit and Security Agreement with Truist Bank, successor by merger to SunTrust Bank (the "Administrative Agent"), dated as of April 19, 2013 (the Credit and Security Agreement, as amended, the "Credit Agreement"). Pursuant to the Sixteenth Amendment, (i) the scheduled maturity date of the facility was extended to September 17, 2025 and (ii) the 0.10% per annum adjustment to Adjusted Term SOFR (as defined in the Credit Agreement) was removed. The Credit Agreement is a $400,000,000 trade receivables securitization facility backed by trade receivables originated by the Corporation or by certain of its subsidiaries and acquired by the Corporation, which the Corporation then sells or contributes to MM Funding. Subject to certain conditions set forth in the Credit Agreement, including lenders providing the requisite commitments, the facility may be increased to an amount not to exceed $500,000,000. Effective with the Sixteenth Amendment, MM Funding's borrowings bear interest at Adjusted Term SOFR plus 0.800%, subject to change in the event that 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 related to a payment default or acceleration of one of the Corporation's material debt agreements. The Sixteenth Amendment, including a conformed copy of the Credit Agreement reflecting all changes through the Sixteenth Amendment attached as Exhibit A thereto, is filed as an exhibit hereto and is incorporated herein by reference, and the description of the Sixteenth Amendment and the Credit Agreement contained herein is qualified in its entirety by the terms thereof.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.01 Sixteenth Amendment to Credit Agreement, dated as of September 18, 2024, among Martin Marietta Funding LLC, as borrower, Martin Marietta Materials, Inc., as servicer, and Truist Bank, successor by merger to SunTrust Bank, as lender together with the other lenders from time to time party thereto, and Truist Bank, successor by merger to Sun Trust Bank, as administrative agent for the lenders (including a conformed copy of the Credit Agreement attached as Exhibit A thereto). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MARTIN MARIETTA MATERIALS, INC. (Registrant) Date: September 19, 2024 By: /s/ Roselyn R. Bar Name: Roselyn R. Bar Title: Executive Vice President, General Counsel and Corporate Secretary