Summit Materials,Inc. (NYSE:SUM) Files An 8-K Other Events
Item 8.01. Other Events.
On January10, 2017, Summit Materials,Inc. (the Company) completed
its previously announced underwritten offering (the Offering) of
an aggregate of 10,000,000 shares of ClassA common stock, par
value $0.01 per share (the ClassA Common Stock) for cash
consideration of $23.76 per share (net of underwriting discounts)
to Goldman, Sachs Co. and Citigroup Global Markets Inc. as joint
book-running managers for the offering to an underwriting
agreement, dated January5, 2017 (the Underwriting Agreement). In
connection with the Offering, the Company also granted the
underwriters a 30-day option to purchase up to an additional
1,500,000 shares of ClassA Common Stock. A copy of the
Underwriting Agreement is filed as Exhibit99.1 hereto and is
incorporated herein by reference.
The Company used all of the net proceeds from the Offering to
purchase 10,000,000 newly-issued limited partnership units from
Summit Materials Holdings L.P., a direct subsidiary of the
Company (Summit Holdings). The Company intends to cause Summit
Holdings to use a portion of the proceeds from the Offering to
acquire two materials-based companies for a combined purchase
price of approximately $110 million in cash, with remaining net
proceeds to be used for general corporate purposes, which may
include, but is not limited to, funding acquisitions, repaying
indebtedness, capital expenditures and funding working capital.
Item 9.01. Financial Statements and
Exhibits.
(d)Exhibits.
|
99.1 |
Underwriting Agreement, dated January5, 2017, among Summit |
About Summit Materials, Inc. (NYSE:SUM)
Summit Materials, Inc. is a construction materials company. The Company operates through three segments: the west segment, which includes operations in Texas, the Mountain states of Utah, Colorado, Idaho and Wyoming, and in British Columbia, Canada; east segment, which serves markets across the Midwestern and Eastern United States, and Cement segment, which consists of its Hannibal, Missouri and Davenport, Iowa cement plants and approximately eight distribution terminals along the Mississippi River from Minnesota to Louisiana. It supplies aggregates, ready-mixed concrete, asphalt paving mix and paving and related services in the West segment, and aggregates, ready-mixed concrete, asphalt paving mix and paving and related services in east segment. The Company has operations in approximately 20 states in the United States and in British Columbia, Canada. The Company serves markets, including residential construction, nonresidential construction and public infrastructure construction. Summit Materials, Inc. (NYSE:SUM) Recent Trading Information
Summit Materials, Inc. (NYSE:SUM) closed its last trading session up +0.04 at 24.03 with 2,738,581 shares trading hands.
