The division is only a few years old but already counts 16 quarries that include plants to create crushed limestone, river rock and natural sand products. About Us 18of the plants are situated in North Carolina and the remainder in Southwest Florida. If you are interested in joining a team dynamic that separates from the rest, let's talk. CEO, Jeff Hollingshead stated, "We are excited to . About Us L.A. Investor Contact: Suzanne Osberg Vice President, Investor Relations (919) 783-4691 Suzanne.Osberg@martinmarietta.com MLM-G (615) 355-1028 Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Close to home, for example, some of SRM's largest contracts have included the building of the downtown Nashville Convention Center, and the nearby Bridgestone Tower. At the same time, Moody's rating takes into consideration the company's vulnerability to cyclical end markets, the competitive nature of its ready-mix concrete business, its acquisitive growth strategy, and material revenue exposure to Tennessee and Florida.Moody's expects Smyrna to maintain very good liquidity over the next 12-18 months. Featured Products For almost 40 years, SBM Mineral Processing has been consistently using diesel-electric drive systems and is a supplier of cross-technological hybrids for track-mobile jaw and impact crushers from under 50,000 to 350,000 lbs. Meritain Information With very little money and three trucks, we built a concrete plant in our own backyard at 4500 Hickory Grove Road in Murfreesboro, Tenn. In fact, he added, "There is not one complaint against Power Equipment that I could ever make. Although it was not an inexpensive proposition to do so, and with little money of their own, the couple scraped together enough to erect what is today known as Smyrna Plant 1, a larger and still fully operational facility at 4500 Hickory Grove Road in Murfreesboro. SRM Acquires Kentucky based Kentucky Concrete. SRM acquires Federal Materials Concrete based in Paducah, Kentucky. Delivering quality concrete with unmatched service, Supplying quality stone and materials for customers, Providing quality concrete construction products, Faster and more accurately in hard to reach places. SRM Concrete's reach and presence is unmatched in the industry. Social Responsibilty "Dad was in the ready-mix business working for himself finishing driveways and patios locally, but he kept getting poor service from a distributor due to the larger jobs they had going," said Ryan Hollingshead, Mike's son, and the current president of SRM Aggregates, a division of the larger company. Smyrna Ready Mix The company's senior secured debt is contractually subordinated to the company's $250 million Asset Based Revolving Credit Facility expiring in 2026 which is secured by the account receivable and inventory.The proceeds from the proposed $650 million offering will be used primarily to fund pending acquisitions. BBB Business Profiles are subject to change at any time. CEO, Jeff Hollingshead stated, We are excited to expand into this incredible market. Lora Smith Credit Application Access the headquarters listing for Smyrna Ready Mix Concrete, LLC. The SRM Materials Division, for instance, provides a vast range of products made or mined at facilities from Michigan to Florida, and as far west as Texas. Smyrna Ready Mix Concrete focuses on providing building material services across the commercial and residential construction segments. "It has been a privilege to work with Harper Industries over the past . The action you just performed triggered the security solution. SRM acquires Bayou Materials in Jackson, Alabama. SRM Concrete has pursued an active acquisition strategy, having successfully acquired and integrated over eightycompanies since 2005. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. "The following rating actions were taken:Upgrades:..Issuer: Smyrna Ready Mix Concrete, LLC. Corporate Family Rating, Upgraded to Ba3 from B1. Probability of Default Rating, Upgraded to Ba3-PD from B1-PD.Senior Secured Regular Bond/Debenture, Upgraded to Ba3 (LGD4) from B1 (LGD4)Assignments:..Issuer: Smyrna Ready Mix Concrete, LLC.Gtd Senior Secured Term Loan B, Assigned Ba3 (LGD4)Outlook Actions:..Issuer: Smyrna Ready Mix Concrete, LLC.Outlook, Remains StableRATINGS RATIONALESmyrna's Ba3 Corporate Family Rating reflects the company's market position as one of the leading regional producers of construction materials in Tennessee, Florida, Georgia, Colorado Kentucky, Texas and Michigan, increasingly vertically integrated assets and broad customer base. Mike and Melissa Hollingshead founded Smyrna Ready Mix and build first plant in backyard. Performance & security by Cloudflare. Average of 11 Customer Reviews. SRM Concrete is pleased to announce the acquisition of USC-Atlantic, LLC, a subsidiary of U.S. We offer a wide variety of concrete mix designs, admixtures, reinforcing products, aggregates, and more to mee Read More Contact Who is Smyrna Ready Mix Headquarters 1000 Hollingshead Cir, Murfreesboro, Tennessee, 37129, United States Phone Number (615) 355-1028 Website www.smyrnareadymix.com Revenue $340.1M Industry Building Materials Included in this acquisition are 28 ready-mix locations in New York, New Jersey, and Pennsylvania. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. ET on Oct. 29. Smyrna Ready Mix LLC today completed its $830 million offering of eight-year senior secured notes via J.P. Morgan, BNP Paribas, BofA Securities, and Goldman Sachs. "My main goal is keeping everyone safe," Ryan said. We just feel comfortable with them. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. 1136 Second Avenue North. Moody's assigns B1 CFR to Smyrna; B1 to sr. secured credit facility JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Gretchen French Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. Smyrna Ready Mix Concrete launches $315M TLB; commitments due Oct. 29 Company Store SRM Concrete | Quality Concrete, Unmatched Service Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Featured Products SRM Concrete products are designed to increase the strength, workability, and quality of the concrete our customers receive. Smyrna Ready Mix prints upsized secured notes to yield 6%; terms, Banking Essentials Newsletter: 5th May Edition, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023, Banking Essentials Newsletter: 5th April Edition. Murfreesboro, TN 37129 SRM acquires 24 plants from Argos in the Dallas/Fort Worth market. For more information about SRM Concrete, visit www.smyrnareadymix.com/locations.asp. SRM opens sand plant in Crab Orchard, Tennessee. Smyrna Ready Mix Concrete LLC is in market today with a $315 million term loan B, according to sources. Meritain Information ", Ryan said that he knows it is a given that even brand-new equipment is going to have a service issue, "but it is how you handle those problems that matters, and even with Power's other offerings, they have always stepped up and made it right for us.". We started Smyrna Ready Mix to service our own concrete needs, because we were not receiving reliable customer service from the local ready-mix companies. SRM opens Harbor in Panama City Beach, Florida. Smyrna Ready Mix prints upsized secured notes to yield 6%; terms Rating Action: Moody's upgrades Smyrna's CFR to Ba3; Assigns Ba3 to senior secured debt; outlook stableGlobal Credit Research - 10 Mar 2022New York, March 10, 2022 -- Moody's Investors Service (Moody's) upgraded Smyrna Ready Mix Concrete, LLC's (Smyrna) Corporate Family Rating (CFR) to Ba3 from B1, Probability of Default Rating (PDR) to Ba3-PD from B1-PD, and the rating on the company's senior secured notes to Ba3 from B1. A sister division, SRM Block, also makes quality concrete block (CMU), architectural block (ACMU) and retaining wall products (SRW). Das Naes Unidas 14401, Torre Hotel Chcara Santo Antnio So Paulo, BR-SP. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. SRM Acquires Transit Mix based in Johnson City, TN. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle content Cementos Argos said that the divestment is part of its plan to . What's more unusual is the fact that in only 22 years, Mike and Melissa's operation is today a huge company that employs a staggering 4,000 employees working in 13 states. Careers, Place An Order JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 2022 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). SRM acquires Georgia based CAB Concrete and Candler Ready Mix. Company Store Note: Revenues for privately held companies are statistical evaluations. SRM acquires Anchor Ready Mix based in Cincinnati, Ohio. It has surprised me, too, that despite being such a large distributor, dealing primarily with brands such as Komatsu, Epiroc and Sennebogen through Power makes it feel like you are working with a small, local company. , Factbox-U.S. debt ceiling standoff: Platinum coins, the 14th Amendment could be paths out, White House to study employer tools that monitor workers, Attacks on delivery drivers add fears among gig workers, Milken Latest: PGIMs CEO Says Markets Are Too Optimistic Now, US STOCKS-S&P, Dow edge higher as JPMorgan gains; Fed meet in focus. "At SRM, we consider safety an investment in our employees, and we want to make sure that our people can clock in and out every day. Moody's also assigned a Ba3 rating to the company's proposed senior secured credit facility. SRM acquires Kentucky based Grant County Ready Mix and Gallatin County Ready Mix. BBB Business Profiles may not be reproduced for sales or promotional purposes. SRM Concrete | Quality Concrete, Unmatched Service SRM provides quality ready mix concrete and construction materials to our customers throughout sixteen states. SRM Concrete's presence, products, and services enable us to win in today's competitive marketplaces. Company Store Included in this acquisition are 28 ready-mix locations in New York, New Jersey, and Pennsylvania. Pro forma for the proposed financing and the bolt-on acquisitions, Moody's projects Smyrna's leverage will be 3.9x at December 31, 2022 (including Moody's adjustments).Over the past three years, Smyrna has materially grown its profitability (organically and through acquisitions), invested in the business, and maintained a disciplined approach to balance sheet management and liquidity." From manufacturers such as Cedarapids, Doppstadt, Extec, Kleemann, McCloskey, Metso, Nordberg, Pioneer, Powerscreen, Screen Machine, Superior, Terex, and more. SRM opens new plant in Panama City Beach. SRM Concrete locations. SRM expanded its roster of quarries, Ryan noted, in what he described as "an organic fashion" to complement its other existing services in a particular marketplace. SRM 401(k) Profit Sharing Plan and Trust Annual Notice, 1000 Hollingshead Circle US: Argos USA has agreed to sell a total of 23 US ready-mix concrete batching plants to Smyrna Ready Mix Concrete for US$93m. Making sure SRM Concrete follows safe practices within its various divisions is something that has proven to be a demanding task, considering the far-flung nature of the company, its vast number of employees and the type of work that is performed. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. In addition, we are on the water in Jackson, Ala., about an hour north of Mobile, where we are loading rock and hauling it south to Panama City, Fla.". Market Intelligence Smyrna Ready Mix Concrete launches $315M TLB; commitments due Oct. 29, Essential IR Insights Newsletter - March 2023, Continuous Financial Health Management of Suppliers, A Cloud Migration Plan for Corporations featuring Snowflake, In Search of Resilience Part 1 - A Data-Driven Scoreboard. In addition, SRM Concrete Pumping Services is strategically located in the Midwest, Mid-South, and Deep South, while in Nashville, Houston, Detroit and Panama City, Fla., another of its divisions offers harbor delivery services to customers that need their raw materials moved quickly and efficiently. Although now headquartered in Nashville, the Hollingshead family company has not forgotten the site and the service that helped put it on the map years ago. SRM acquires Bigos Precast based in Fowlerville, Michigan. The headquarters for SRM Concrete are in 1000 Hollingshead Circle Smyrna, TN 37129. Smyrna Ready Mix Concrete, better known as SRM Concrete, offers a range of services, but its concentration on ready-mix, mining and materials production has made it one of the fastest growing operations in the eastern half of the United States. Proceeds will be used to fund certain acquisitions, refinance existing debt and for general corporate purposes. Smyrna Ready Mix Concrete LLC - Company Profile and News This documentary-style series follows investigative journalists as they uncover the truth. . (615) 355-1028 /marketintelligence/en/news-insights/latest-news-headlines/smyrna-ready-mix-prints-upsized-secured-notes-to-yield-6-terms-61038516 At-a-glance. Smyrna Ready Mix Concrete, LLC manufactures and supplies concrete products. Through both growth and acquisition, the company has amassed a heavy equipment fleet of more than 400 pieces. Metro Ready Mix Concrete | The Greystone Group Privacy Policy Martin Marietta, Argos, Charley's deals close SRM Concrete's robust Q1 The J.P. Morgan-led deal launched with a lender call today, and commitments are due at 5 p.m. Smyrna Ready Mix Concrete | Better Business Bureau Profile SRM acquires Hicks Concrete based in Mulberry, Florida. Lenders are offered six months of 101 soft call protection. Smyrna Ready Mix - Overview, News & Competitors | ZoomInfo.com In addition, Moody's credit rating is supported by the company's solid EBITDA margins and commitment to maintain modest leverage and good liquidity. info@smyrnareadymix.com Social Responsibilty SRM opens new plant in Punta Gorda, Florida. SRM acquires St. Johns River Concrete based in Palatka, Florida. Interestingly, the younger Hollingshead said that in 2014, SRM Concrete was able to buy out the ready-mix company that had earlier denied his father the products he needed for his one-man projects, which, in turn, led to the creation of the large multi-service firm. About Us 152.228.212.223 Contact Us Murfreesboro, TN 37129 Eric Johnson, president and founder of Ceasars Equipment, grew up around the aggregate business and has always had a passion for aggregate machines. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Cincinnati, OH 45226-2404. info@smyrnareadymix.com "We don't have the turmoil you sometimes see in family-owned businesses. We list equipment in all the major aggregate categories including conveyors, feeders, stackers, crushers, magnets, screening equipment, washing equipment, and more. Hollingshead Mixer Company LLC 200 Dekko Dr Avilla, IN 46710 IN Steve Howard (260) 897-4397: Steve . For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. (615) 355-1028. SRM Concrete | Quality Concrete, Unmatched Service The dedication and determination from an outstanding group of Mixer Operators drives the business growth and has allowed SRM Concrete to add more than 6,300 team members in 19 states. Our Team "Keep in mind that we also have sand mines, granite mines and gravel pits. As a matter of policy, BBB does not endorse any product, service or business. An unusual choice for most folks, certainly, but Mike did so only because he was often frustrated in getting the materials he needed to run his small concrete business. SRM Concrete is the largest privately-owned ready-mix concrete manufacturer in the country. This is largely driven by Moody's view that the US economy will improve sequentially and remain supportive of the company's underlying growth drivers.The proposed term loan includes an ability to incur incremental indebtedness up to either $500 million, or the greater of 100% of LTM EBITDA so long as the pro forma net leverage ratio does not exceed 3.85x for first lien debt and 4.35x for junior debt.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSThe ratings could be upgraded if the company improves free cash flow and maintains a conservative financial strategy such that debt-to-EBITDA is sustained below 3.5x, adjusted retained cash flow to net debt is approaching 20%, and EBIT-to-interest expense is approaching 3.0x.The ratings could be downgraded if the company's operating performance and liquidity deteriorates and financial strategy becomes aggressive such that debt-to-EBITDA is sustained above 4.5x, adjusted retained cash flow to net debt is below 10%, and EBIT-to-interest expense is sustain below 2.0x.The principal methodology used in these ratings was Building Materials published in September 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1287900. Contact Us . The deal was upsized from $515 million and pricing finalized at the wide end of guidance, according to market sources. That indicates a yield to maturity of around 4.76%-5.20%. Martin Marietta to Sell Colorado and Central Texas Ready Mixed Concrete (615) 355-1028 Price talk for the seven-year covenant-lite term loan B is L+375-400, with a 0.75% Libor floor, offered at 99. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice. (615) 922-8300 (Espaol), SRM 401(k) Profit Sharing Plan and Trust Annual Notice, SRM Acquires Young Trucking in Southwest Florida, SRM Acquires Titan Ready Mix in Covington, GA, SRM Acquires Darby Ready Mix in Southeast Michigan, SRM Acquires Clinton-Tecumseh Aggregates in Southeast Michigan, SRM Acquires 18 Argos ready-mix locations in NC and Florida, SRM Acquires 37 ready-mix locations in Colorado, Wyoming, and Texas, SRM Acquires Charley's Concrete in the DFW Market, SRM Acquires JJ's Concrete in Central Indiana, SRM Acquires Louisville-based Allstate Ready Mix, SRM Acquires Jones & Stone Drilling in Middle Tennessee, SRM Acquires Bowling Green Concrete in South Central Kentucky, SRM Acquires T&H Concrete Products in Lewisburg, TN, SRM Acquires Indiana Phoenix Mixer Company, Hollingshead Cement Opens Cement Terminal in Middletown, OH. Our Team Developed for ease-of-use and operator safety, ESCO's latest innovation the ESCO PosiGrab II hydraulic coupler has undergone extensive testing and benchmarking against similar products. Privacy Policy Privacy Policy CONTACT US CONCRETE CALCULATOR CUSTOMER LOGIN Products & Services ConcreteSRM MaterialsBlockProductsPumpingHollingshead CementHollingshead Harbor Customers All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. SRM acquires Cornerstone Ready Mix based in Augusta, Georgia. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000.
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