CRH (CRH) announced on November 4, 2026, the launch of cash tender offers and exchange offers for notes of Arcosa, which it acquired on October 23, 2026. The offers, made by its subsidiary CRH America Finance, cover all of the 4.375% senior notes due 2029 ($400 million outstanding) and the 6.875% senior notes due 2032 ($600 million outstanding). In the exchange, holders may receive up to $1 billion in new notes issued by CRH America Finance and guaranteed by CRH.
In the cash offer, those who tender by November 18, 2026 receive $983.75 per $1,000 of 2029 notes and $1,035.00 per $1,000 of 2032 notes, amounts that include an early tender premium of $50. Those who tender later, by December 4, 2026, receive $933.75 and $985.00, respectively. Accrued and unpaid interest will be paid in addition to these amounts. Early settlement is expected on November 20, 2026, and final settlement on December 8, 2026.
In the exchange offer, open to eligible investors, those who tender by November 18 receive $1,000 in new notes for each $1,000 of Arcosa notes. Those who tender later receive $950. The new notes will have the same maturity, interest rate and payment dates as the original notes, at 4.375% (2029) and 6.875% (2032).
Arcosa is also soliciting consents from holders for amendments to the indentures governing the notes, which would eliminate certain restrictive covenants, events of default and guarantees. Holders who tender in an offer are deemed to have given their consent. CRH America Finance has also launched a public offering of debt securities and intends to use part of the proceeds to pay for the cash offer, subject to raising sufficient funds.
