CRH Prices $2.5B Notes Offering

TL;DR

CRH just priced $2.5B in new notes across two tranches, aiming to boost its capital structure.

AI Summary

On March 26, 2024, CRH Public Ltd Co announced the pricing of its offering of $1.5 billion aggregate principal amount of 5.375% notes due 2034 and $1.0 billion aggregate principal amount of 5.875% notes due 2054. The company also announced the pricing of its offering of EUR 1.0 billion aggregate principal amount of 4.000% notes due 2034 and EUR 750 million aggregate principal amount of 4.375% notes due 2054. This offering is part of CRH's ongoing strategy to optimize its capital structure.

Why It Matters

CRH is raising significant capital through debt offerings, indicating potential for expansion or refinancing, which could impact its financial leverage and future investment capacity.

Risk Assessment

Risk Level: medium — Issuing substantial debt increases financial leverage and interest expense, which can be sensitive to interest rate changes and economic downturns.

Key Numbers

• $2.5 billion — Total USD Notes Offering (CRH priced $1.5B in 2034 notes and $1.0B in 2054 notes.)
• EUR 1.75 billion — Total EUR Notes Offering (CRH priced EUR 1.0B in 2034 notes and EUR 750M in 2054 notes.)
• 5.375% — USD Notes Due 2034 Coupon (Interest rate for the first tranche of USD notes.)
• 5.875% — USD Notes Due 2054 Coupon (Interest rate for the second tranche of USD notes.)
• 4.000% — EUR Notes Due 2034 Coupon (Interest rate for the first tranche of EUR notes.)
• 4.375% — EUR Notes Due 2054 Coupon (Interest rate for the second tranche of EUR notes.)

Key Players & Entities

• CRH Public Ltd Co (company) — Registrant
• $1.5 billion (dollar_amount) — Principal amount of 5.375% notes due 2034
• $1.0 billion (dollar_amount) — Principal amount of 5.875% notes due 2054
• EUR 1.0 billion (dollar_amount) — Principal amount of 4.000% notes due 2034
• EUR 750 million (dollar_amount) — Principal amount of 4.375% notes due 2054
• March 26, 2024 (date) — Date of report and earliest event

FAQ

From the Filing

0001628280-24-013076.txt : 20240326 0001628280-24-013076.hdr.sgml : 20240326 20240326160544 ACCESSION NUMBER: 0001628280-24-013076 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240326 ITEM INFORMATION: Other Events FILED AS OF DATE: 20240326 DATE AS OF CHANGE: 20240326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRH PUBLIC LTD CO CENTRAL INDEX KEY: 0000849395 STANDARD INDUSTRIAL CLASSIFICATION: CEMENT, HYDRAULIC [3241] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: L2 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32846 FILM NUMBER: 24783530 BUSINESS ADDRESS: STREET 1: STONEMASON'S WAY, RATHFARNHAM CITY: DUBLIN 16 STATE: L2 ZIP: D16 KH51 BUSINESS PHONE: 353 1 404 1000 MAIL ADDRESS: STREET 1: STONEMASON'S WAY, RATHFARNHAM CITY: DUBLIN 16 STATE: L2 ZIP: D16 KH51 8-K 1 crh-20240326.htm 8-K crh-20240326 false 0000849395 0000849395 2024-03-26 2024-03-26 0000849395 us-gaap:CommonStockMember 2024-03-26 2024-03-26 0000849395 crh:SixPointFourPercentNotesDue2033Member 2024-03-26 2024-03-26 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 26, 2024 CRH public limited company (Exact name of registrant as specified in its charter) Ireland 001-32846 98-0366809 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) Stonemason's Way, Rathfarnham, Dublin 16, D16 KH51 , Ireland (Address of principal executive offices) +353 1 404 1000 (Registrant’s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d 2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Ordinary Shares of €0.32 each CRH New York Stock Exchange 6.40% Notes due 2033 CRH/33A New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter) ☐ Emerging Growth Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(e) of the Exchange Act ☐ Item 8.01    Other Events. On March 22, 2024, CRH public limited company released a notification of transactions by persons discharging managerial responsibilities, which is filed as Exhibit 99.1 hereto. Item 9.01    Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Notification of CRH public limited company, dated March 22, 2024 104 Cover Page Interactive Data File ** (formatted in Inline XBRL) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 26, 2024 CRH public limited company /s/ Neil Colgan By: Neil Colgan Company Secretary EX-99.1 2 notificationo