Vulcan Materials signs $2.0 billion delayed draw term loan to fund Wake Stone deal
Vulcan Materials entered a $2.0 billion, two-year delayed draw term loan with Truist Bank on November 4, 2024, to fund, among other things, its previously announced acquisition of Wake Stone Corporation. The company also extended its revolving credit facility maturity from August 8, 2027 to November 4, 2029, which keeps more of its borrowing capacity available for longer.
Key points
- $2.0 billion two-year delayed draw term loan facility with Truist Bank as administrative agent, used to fund the Wake Stone Corporation acquisition
- Maximum debt to EBITDA covenant of 3.50 to 1.00, with a permitted 4.00 to 1.00 for four fiscal quarters after certain material acquisitions
- Revolving credit facility maturity extended from August 8, 2027 to November 4, 2029, with two one-year extension options
- Net amount available under the revolving credit facility is approximately $1,504.8 million, with $95.2 million used for standby letters of credit
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 04, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.