CRH Prices $2.25B Notes Offering, $1B Share Offering

TL;DR

CRH just raised $3.25B via debt and stock offerings. Big cash infusion incoming.

AI Summary

CRH Public Ltd Co announced on August 21, 2024, that it has priced an offering of $1.0 billion in aggregate principal amount of 5.2% guaranteed notes due 2029, $750 million in aggregate principal amount of 6.4% notes due 2033, and $500 million in aggregate principal amount of 5.4% guaranteed notes due 2034. The company also announced the pricing of a concurrent offering of $1.0 billion of its ordinary shares.

Why It Matters

This dual offering of debt and equity provides CRH with significant capital, likely for strategic investments or to strengthen its balance sheet, impacting its financial flexibility and future growth prospects.

Risk Assessment

Risk Level: medium — The company is undertaking a substantial capital raise through both debt and equity, which can introduce financial leverage and dilution risks.

Key Numbers

• $1.0B — 5.2% Guaranteed Notes Due 2029 (Part of a significant debt issuance to raise capital.)
• $750M — 6.4% Notes Due 2033 (Part of a significant debt issuance to raise capital.)
• $500M — 5.4% Guaranteed Notes Due 2034 (Part of a significant debt issuance to raise capital.)
• $1.0B — Ordinary Shares Offering (Concurrent equity raise to supplement capital.)
• $2.25B — Total Notes Offering (Combined principal amount of all notes issued.)

Key Players & Entities

• CRH Public Ltd Co (company) — Registrant
• August 21, 2024 (date) — Report Date
• $1.0 billion (dollar_amount) — Principal amount of 5.2% guaranteed notes due 2029
• $750 million (dollar_amount) — Principal amount of 6.4% notes due 2033
• $500 million (dollar_amount) — Principal amount of 5.4% guaranteed notes due 2034
• $1.0 billion (dollar_amount) — Aggregate principal amount of ordinary shares offering

FAQ

From the Filing

0001628280-24-038028.txt : 20240821 0001628280-24-038028.hdr.sgml : 20240821 20240821161429 ACCESSION NUMBER: 0001628280-24-038028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240821 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240821 DATE AS OF CHANGE: 20240821 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: 241228880 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-20240821.htm 8-K crh-20240821 false 0000849395 0000849395 2024-08-21 2024-08-21 0000849395 us-gaap:CommonStockMember 2024-08-21 2024-08-21 0000849395 crh:FivePointTwoPercentGuaranteedNotesDue2029Member 2024-08-21 2024-08-21 0000849395 crh:SixPointFourPercentNotesDue2033Member 2024-08-21 2024-08-21 0000849395 crh:FivePointFourPercentGuaranteedNotesDue2034Member 2024-08-21 2024-08-21 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): August 21, 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 5.200% Guaranteed Notes due 2029 CRH/29 New York Stock Exchange 6.40% Notes due 2033 CRH/33A New York Stock Exchange 5.400% Guaranteed Notes due 2034 CRH/34 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 August 21, 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 August 2 1 , 2024 104 Cover Page Interactive Data File