Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On August 5, 2015, the Company completed the acquisition of TAS Commercial Concrete ("TAS") for approximately $115 million in cash, funded with a portion of the proceeds from a new syndicated credit facility. Founded in 1980 and headquartered in Houston, Texas, TAS is the second largest Texas-based concrete contractor and provides turnkey services covering all phases of commercial concrete construction. Through approximately 1,200 employees, TAS currently operates in Houston and the Dallas / Fort Worth Metroplex areas. The Company expects to report TAS as a separate business segment.

As part of the TAS acquisition, the Company has entered into a new syndicated credit facility led by Regions Bank. The 5-year, $185 million facility includes a $135 million term loan, a $50 million revolver, and a $40 million accordion. Total debt outstanding at the completion of the transaction is $149 million, with approximately $36 million available under the revolving credit facility. Additionally, with funding from the aforementioned new syndicated credit facility, the Company repaid amounts outstanding on the revolver and first and second term loans with Wells Fargo of approximately $32.7 million. The credit facility with Wells Fargo was terminated on August 5, 2015.