U.S. Concrete has engaged financial and legal advisers to help assess alternatives to strengthen its balance sheet, to include addressing the company’s 8 3/8 percent subordinated notes due April 2014
Source: U.S. Concrete Inc., Houston
U.S. Concrete has engaged financial and legal advisers to help assess alternatives to strengthen its balance sheet, to include addressing the company’s 8 3/8 percent subordinated notes due April 2014. The ready mixed, precast and aggregate producer has also entered into an amendment of its senior credit facility, netting an additional $5 million in short-term liquidity.
“We believe discussions with bondholders to improve our capital structure and provide financial flexibility is in the best interest of the company and its constituents,” says U.S. Concrete CEO Michael Harlan. “Economic headwinds, combined with the recent inclement weather in each of our markets, [have] placed added pressure on our liquidity. We believe the amendment of our senior credit facility provides us with additional access to liquidity to continue to provide quality service and products to our customers throughout this process.”