GE Capital, Corporate Finance is serving as administrative agent on $72.5 million of senior secured credit facilities to Permian Basin Materials LLC (PBM), a newly formed affiliate of WL Ross & Co. LLC.
The credit facilities are being used to support the simultaneous acquisitions of Crockett County Mining Ltd., Highland Concrete Co., and Wallach Concrete Inc., and for ongoing working capital needs. GE Capital Markets served as sole lead arranger and bookrunner on the transactions.
The combined operations of Permian Basin Materials will produce construction aggregates and concrete for general construction and energy markets in the Permian Basin region of west Texas and southeast New Mexico. In total, PBM will own or lease 10 aggregates mines and 16 ready-mix concrete plants in the region.