Brief: Summit Materials Announces Significant Step To Streamline Company Structure

Summit Materials

22/08/2023 21:26

Aug 22 (Reuters) - Summit Materials Inc  SUM.N :
    * SUMMIT MATERIALS ANNOUNCES SIGNIFICANT STEP TO STREAMLINE
COMPANY STRUCTURE
    * SUMMIT MATERIALS INC - REACHED AN AGREEMENT WITH CERTAIN
AFFILIATES OF BLACKSTONE
    * SUMMIT MATERIALS -DEAL RESULTED IN UNIT BUYING ALL OF
RIGHTS,INTEREST OF EACH OF BLACKSTONE TRA PARTIES UNDER TAX
RECEIVABLE DEAL DATED MARCH 11, 2015
    * SUMMIT MATERIALS INC - IN EXCHANGE FOR $115 MILLION, UNIT
ELIMINATED ESTIMATED $256 MILLION IN TRA PAYMENTS PAYABLE TO
BLACKSTONE BETWEEN 2024 AND 2039
    * SUMMIT MATERIALS INC - UNIT FUNDED AGREEMENT WITH CASH ON
HAND
    * SUMMIT MATERIALS INC - THERE REMAINS A GROSS OBLIGATION OF
ABOUT
$72 MILLION UNDER TAX RECEIVABLE AGREEMENT
    * SUMMIT MATERIALS INC - UNIT INTENDS TO EXPLORE POSSIBLE
TRANSACTIONS FOR PAYING OUT OTHER PARTIES TO TRA ON
SUBSTANTIALLY SIMILAR TERMS

Source text for Eikon:  ID:nPnbgPtx0a 
Further company coverage:  SUM.N 

 ((Reuters.Briefs@thomsonreuters.com;))