Martin Marietta Materials, Inc. filed a Form 8-K on August 18, 2026, disclosing that it entered into a new $1,500,000,000 five-year senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent, replacing its existing credit agreement dated December 21, 2021.

Key Highlights

  • New facility size: $1,500,000,000 senior unsecured revolving credit facility arranged with JPMorgan Chase Bank, N.A. as administrative agent.
  • Maturity date: The Revolving Facility expires on August 18, 2031, with all outstanding principal and accrued interest due in full on that date.
  • Interest rates: Borrowings bear interest, at the Corporation's option, at rates based upon Term SOFR or a base rate, plus a margin determined by a ratings-based pricing grid.
  • Standard leverage covenant: The Corporation must maintain a maximum Leverage Ratio not to exceed 3.75:1.00 under normal conditions.
  • Post-acquisition leverage step-up: Following the closing of the previously announced acquisition of Lhoist North America, Inc., the Leverage Ratio limit rises to 4.75:1.00 for the first three fiscal quarters, then 4.25:1.00 for the next three, before reverting to 3.75:1.00.
  • Prior facility status: The Existing Credit Agreement, which had no outstanding borrowings prior to replacement, has been terminated.

Martin Marietta Replaces 2021 Credit Agreement with Larger Five-Year Facility

According to the filing, Martin Marietta Materials, Inc. (NYSE:MLM) entered into the Credit Agreement on August 18, 2026, with JPMCB serving as administrative agent. The new Revolving Facility provides $1,500,000,000 in senior unsecured revolving credit and replaces the Corporation's prior agreement originally dated December 21, 2021, under which, the filing states, "no borrowings were outstanding prior to entering into the Revolving Facility."

The Credit Agreement includes a leverage ratio covenant requiring the Corporation to maintain a maximum Leverage Ratio not to exceed 3.75:1.00. The filing discloses a tiered step-up provision tied to the Corporation's previously announced acquisition of Lhoist North America, Inc. Specifically, following the acquisition closing date, the permitted Leverage Ratio may reach 4.75:1.00 for the first three fiscal quarters, 4.25:1.00 for the following three fiscal quarters, and then returns to 3.75:1.00 thereafter. The filing also notes that the Corporation may exclude from the Leverage Ratio debt incurred in connection with certain acquisitions for four quarters, provided the Leverage Ratio calculated without such exclusion does not exceed 4.25:1.00.

Additionally, the Credit Agreement provides that if no amounts are outstanding under both the Revolving Facility and the Corporation's accounts receivable securitization facility, consolidated debt will be reduced for Leverage Ratio calculation purposes by the Corporation's cash and cash equivalents, with that reduction capped at $500,000,000. The filing incorporates Items 1.02 and 2.03 by reference to Item 1.01, covering termination of the prior agreement and creation of a direct financial obligation. The Credit Agreement is filed as Exhibit 10.1 to the report.

What Was Disclosed

Martin Marietta Materials disclosed entry into a $1,500,000,000 five-year senior unsecured revolving credit facility maturing August 18, 2031, replacing its 2021 credit agreement, along with leverage ratio covenants and a step-up provision tied to the pending Lhoist North America acquisition.