CRH Prices $1.75 Billion in Senior Notes

TL;DR

CRH just raised $1.75B via new notes to fund growth.

AI Summary

CRH Public Ltd Co announced on April 23, 2024, the pricing of $1.75 billion aggregate principal amount of senior notes. The notes will be issued in two tranches: $750 million of 5.375% senior notes due 2029 and $1 billion of 5.625% senior notes due 2034. This offering is part of CRH's ongoing strategy to fund its operations and potential acquisitions.

Why It Matters

This debt issuance provides CRH with significant capital, potentially enabling further strategic investments or acquisitions to fuel its growth in the building materials sector.

Risk Assessment

Risk Level: medium — Issuing a substantial amount of debt increases financial leverage and interest expense, which could impact profitability if market conditions or company performance deteriorates.

Key Numbers

• $1.75B — Senior Notes Offering (Total capital raised to fund operations and potential growth initiatives.)
• 5.375% — Interest Rate (2029 Notes) (Cost of borrowing for the $750 million tranche maturing in 2029.)
• 5.625% — Interest Rate (2034 Notes) (Cost of borrowing for the $1 billion tranche maturing in 2034.)

Key Players & Entities

• CRH Public Ltd Co (company) — Registrant
• $1.75 billion (dollar_amount) — Aggregate principal amount of senior notes
• $750 million (dollar_amount) — Principal amount of 5.375% senior notes due 2029
• $1 billion (dollar_amount) — Principal amount of 5.625% senior notes due 2034
• April 23, 2024 (date) — Date of report and earliest event

FAQ

From the Filing

0001628280-24-017381.txt : 20240423 0001628280-24-017381.hdr.sgml : 20240423 20240423160911 ACCESSION NUMBER: 0001628280-24-017381 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240423 ITEM INFORMATION: Other Events FILED AS OF DATE: 20240423 DATE AS OF CHANGE: 20240423 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: 24864895 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-20240423.htm 8-K crh-20240423 false 0000849395 0000849395 2024-04-23 2024-04-23 0000849395 us-gaap:CommonStockMember 2024-04-23 2024-04-23 0000849395 crh:SixPointFourPercentNotesDue2033Member 2024-04-23 2024-04-23 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): April 23, 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 April 17, 2024, CRH public limited company (the “Company”) and its wholly owned subsidiary, CRH America Finance, Inc. (the “Issuer”), increased the size of an existing $2.0 billion U.S. Dollar Commercial Paper Program pursuant to which the Issuer may issue short-term notes unconditionally guaranteed by the Company having a maturity not to exceed 364 days from the date of issue from time to time in reliance on one or more exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended (the “Securities Act”). After giving effect to the increase, the Issuer may issue short-term notes in an aggregate outstanding principal amount of up to $4.0 billion, providing added fle