Home Depot secures $10 billion credit facility
Home Depot has announced a group of lenders has agreed to provide the company with a $10 billion credit facility, in connection with the company’s plan to repurchase up to 250 million shares of its common stock.
Lenders include Lehman Brothers, Commercial Paper Inc., Merrill Lynch, Capital Corp. and others. The credit facility will mature on Nov. 21, the company said.
Following the June announcement of the $10 billion sale of Home Depot’s HD Supply business, the company announced a $22.5 billion share repurchase program. As part of the plan, Home Depot’s board of directors authorized a self-tender offer for the purchase of up to 250 million shares of the company’s common stock.
“The two key areas of focus for our capital allocation strategy are to invest in our core retail stores and to return capital to our shareholders,” said Frank Blake, chairman and CEO of Home Depot. “Despite a challenging housing environment, we remain committed to both, and [the] tender launch is a clear demonstration of our commitment to returning cash to shareholders.”
True Value owner inducted into Washington D.C. ‘Hall of Fame’
Howard Politzer, owner of Brookland True Value in Washington D.C., has received the Business Legacy Award from the Washington D.C. Hall of Fame Society, a group that recognizes members of the city’s business community.
The legacy award recognizes individuals and establishments that have contributed immensely to the growth and development of Washington, D.C. and changed the course of the District’s history. Hall of Fame Society executive board members voted unanimously to make Brookland True Value its first choice in the nbusinessi category, and Politzer was inducted into its Hall of Fame.
Politzer opened his first True Value in 1975 on Capitol Hill, and in 1981 he relocated the store six miles north to the city of Brookland.
Politzer has served as a member of the Brookland Chamber of Commerce, the Center for Community Development, the MayorIs Golden Washington Club, the Brookland Business and Professional Association and the Pennsylvania and Atlantic Seaboard Hardware Association.
Acquisition of Rinker nears completion
Rinker Materials, a top distributor of non-lumber building materials in the United States, with $4.5 billion in sales last year, will soon become part of Cemex, North America’s largest cement producer.
Cemex has purchased more than 90 percent of the shares of Rinker Group Ltd., Rinker’s Australian parent company, clearing the way for the cement supplier to acquire the rest of the company without consent.
Cemex, based in Monterrey, Mexico, placed an unsolicited $14 billion bid for all of Rinker’s shares earlier this year. In June it won majority control over Rinker’s board of directors and replaced them with its own appointees. The Rinker acquisition will further increase Cemex’s share of the U.S. concrete market.
Headquartered in West Palm Beach, Fla., Rinker Materials sells cement, asphalt, pipe, tools, drywall, steel framing and other construction materials. It generates approximately 80 percent of its parent company’s revenues.