What changed
CRH America Finance, an indirect wholly owned subsidiary of CRH plc, commenced cash tender offers for any and all of Arcosa's outstanding 4.375% Senior Notes due 2029 and 6.875% Senior Notes due 2032, with aggregate principal amounts outstanding of $400,000,000 and $600,000,000 respectively. Total tender consideration is $983.75 per $1,000 principal for the 2029 notes and $1,035.00 per $1,000 principal for the 2032 notes, including an early tender premium of $50 per $1,000. Concurrently, CRH AF launched exchange offers for up to $1,000,000,000 aggregate principal amount of new notes fully guaranteed by CRH plc, alongside consent solicitations to eliminate certain covenants and restrictive provisions in the existing Arcosa indentures. Accepted notes will be canceled and cease to be Arcosa obligations.
Why it matters
CRH America Finance, an indirect wholly owned subsidiary of CRH plc, commenced cash tender offers for any and all of Arcosa's outstanding 4.375% Senior Notes due 2029 and 6.875% Senior Notes due 2032,