Latham Advises on Debt Financing for Quikrete’s US$11.5 Billion Completed Acquisition of Summit Materials

Summit Materials, Inc., a leading producer of aggregates and cement, has announced the closing of its previously announced definitive agreement to be acquired by Quikrete Holdings, Inc. for a total enterprise value of approximately US$11.5 billion, including debt. Summit has become a privately held subsidiary of Quikrete.

In connection with the financing supporting the transaction, Latham represented the lead arrangers in a US$3.95 billion term loan facility, as well as the initial purchasers in the 144A issuance of US$3.95 billion aggregate principal amount of 6.375% senior secured notes due 2032 and US$1.50 billion aggregate principal amount of 6.750% senior notes due 2033.

Latham partners Michele Penzer and Nicole Fanjul led the banking team, with associate Jenny Li, and partner Senet Bischoff and counsel Hana Nah led the capital markets team, with associates Ian Lachow, Robin Spiess, and Ashley Lee. Advice was also provided on tax matters by partner Bora Bozkurt, with associate Kathryn Harrington; on environment, land, and resources matters by counsel David Langer, with associate Brittany Curcuru; and on benefits and labor matters by counsel Rifka Singer and Laura Waller.