NEW ENTERPRISE, Pa.--(BUSINESS WIRE)--New Enterprise Stone & Lime Co., Inc. announced the closing of its previously announced offering of $200.0 million aggregate principal amount of its 10.125% Senior Notes due 2022 (the “New Notes”) in a private placement.

The Company also announced the settlement of its previously announced cash tender offer to purchase any and all of its 11% Senior Notes due 2018 (the "Existing Notes"). The Company repurchased approximately $196.47 million (or approximately 96.55%) of the outstanding Existing Notes for a purchase price of $1,006.00 per $1,000 principal amount of Existing Notes plus accrued and unpaid interest to, but not including, the settlement date. Following the settlement of the tender offer for the Existing Notes, the Company issued an irrevocable notice of redemption for all remaining Existing Notes and deposited funds with the trustee sufficient to discharge the indenture governing the Existing Notes. The Company utilized the net proceeds of the offering of the New Notes, together with cash on hand and borrowings from its revolving credit facility, to pay the tender offer purchase price and the redemption amount relating to the Existing Notes.

About New Enterprise Stone & Lime Co., Inc.

New Enterprise Stone & Lime Co., Inc. is a leading privately held, vertically integrated construction materials supplier and heavy/highway construction contractor in Pennsylvania and western New York and a national traffic safety services and equipment provider. Our core businesses include: (i) construction materials (aggregate production (crushed stone and construction sand and gravel), hot mix asphalt production and ready mixed concrete production), (ii) heavy/highway construction (heavy construction, blacktop paving and other site preparation services) and (iii) traffic safety services and equipment.