Page 132 - Martin Marietta - 2024 Proxy Statement

NOTES TO FINANCIAL STATEMENTS (Continued)
The Senior Notes are carried net of original issue discount, which is being amortized by the effective interest method over the life
of the issue. The principal amount as of December 31, 2023, effective interest rate and maturity date for the Senior Notes are as
follows:
Principal Effective
Amount Interest
(in millions) Rate Maturity Date
4.250% Senior Notes $ 400.0 4.40% July 2, 2024
7% Debentures $ 125.0 7.05% December 1, 2025
3.450% Senior Notes $ 300.0 3.55% June 1, 2027
3.500% Senior Notes $ 494.6 3.61% December 15, 2027
2.500% Senior Notes $ 478.0 2.71% March 15, 2030
2.400% Senior Notes $ 895.9 2.48% July 15, 2031
6.25% Senior Notes $ 230.0 6.32% May 1, 2037
4.250% Senior Notes $ 597.9 4.32% December 15, 2047
3.200% Senior Notes $ 865.9 3.29% July 15, 2051

The Company has a credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities, Inc.,
PNC Bank, Truist Bank and Wells Fargo Bank, N.A., as Syndication Agents, and the lenders party thereto (the Credit Agreement),
which provides for a $800.0 million five‐year senior unsecured revolving facility (the Revolving Facility) with a maturity date of
December 21, 2028. Borrowings under the Revolving Facility bear interest, at the Company’s option, at rates based upon the
Secured Overnight Financing Rate (SOFR) or a base rate, plus, for each rate, a margin determined in accordance with a ratings‐
based pricing grid. Any outstanding principal amounts, together with interest accrued thereon, are due in full on that maturity
date. There were no borrowings outstanding under the Credit Agreement as of December 31, 2023 and 2022. Available borrowings
under the Revolving Facility are reduced by any outstanding letters of credit issued by the Company under the Revolving Facility.
At December 31, 2023 and 2022, the Company had $2.6 million of outstanding letters of credit issued and $797.4 million available
for borrowing under the Revolving Facility. The Company paid the bank group an upfront loan commitment fee that is being
amortized over the life of the Revolving Facility. The Revolving Facility includes an annual facilityfee.
The Credit Agreement requires the Company’s ratio of consolidated net debt‐to‐consolidated earnings before interest, taxes,
depreciation, depletion and amortization, as defined, for the trailing‐twelve months (the Ratio) to not exceed 3.50x as of the end
of any fiscal quarter, provided that the Company may exclude from the Ratio any debt incurred in connection with certain
acquisitions during the quarter or three preceding quarters so long as the Ratio calculated without such exclusion does not exceed
4.00x. Additionally, if no amounts are outstanding under the Revolving Facility or the Company's trade receivable securitization
facility (discussed later), consolidated debt, as defined, which includes debt for which the Company is a guarantor, shall be reduced
in an amount equal to the lesser of $500.0 million or the sum of the Company’s unrestricted cash and temporary investments, for
purposes of the covenant calculation. The Company was in compliance with the Ratio at December 31, 2023.
The Company, through a wholly‐owned special‐purpose subsidiary, has a $400.0 million trade receivable securitization facility (the
Trade Receivable Facility). On September 20, 2023, the Company extended the maturity to September 19, 2024. The Trade
Receivable Facility, with Truist Bank, Regions Bank, First‐Citizens Bank & Trust Company, and certain other lenders that may
become a party to the facilityfrom time to time, is backed by eligible trade receivables, as defined. Borrowings are limited to the
lesser of the facility limit or the borrowing base, as defined. These receivables are originated by the Company and then sold or
contributed to the wholly‐owned special‐purpose subsidiary. The Company continues to be responsible for the servicing and
administration of the receivables purchased by the wholly‐owned special‐purpose subsidiary. Borrowings under the Trade
Receivable Facility bear interest at a rate equal to Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR), as
defined, plus 0.7%. The Trade Receivable Facility contains a cross‐default provision to the Company’s other debt agreements.
Subject to certain conditions, including lenders providing the requisite commitments, the Trade Receivable Facility may be
increased to a borrowing base not to exceed $500 million. At December 31, 2023 and 2022, there were no borrowings outstanding
under the Trade Receivable Facility.

ge 30 ♦ 2023 Annual Report