Sears inks deal with military exchanges
Sears Home Services has entered into agreements with three branches of the military to provide delivery and installation services for merchandise sold through their stores in the continental U.S. After success with initial pilots, Sears began the nationwide launch on June 8, at various Navy, Army, and Air Force Exchanges that sell home improvement services such as siding, windows, cabinet refacing, kitchen remodeling, roofing, carpet, and upholstery cleaning, air duct cleaning and garage door installation and repair.
The agreements involve separate contracts with the Exchange (previously known as the Army and Air Force Exchange Services) and Navy Exchange Services (NEX).
Sears Home Service, the nation’s largest product repair service provider, employs more than 8,600 service technicians and delivers a broad range of retail-related residential and commercial services across all 50 states, Puerto Rico, Guam, and the Virgin Islands.
Scotts Miracle-Gro completes new $1.7 billion credit facility
Scotts Miracle-Gro, the industry’s largest supplier of lawn and garden products, has entered into a new $1.7 billion secured revolving credit facility, scheduled to mature in 2016. This replaces its existing $2.2 billion facility, which was set to expire in February 2012.
The Marysville, Ohio company said the transaction completes an overhaul of its capital structure which successfully staggered the maturities and sources of its borrowings. Over the past 18 months, Scotts Miracle-Gro has had two bond offerings of $200 million apiece which have maturities in 2020 and 2018 respectively.
"We are pleased to have now completed the process of replacing our previous credit facility on terms we believe are favorable and in a manner that reduces risk by diversifying both our sources of financing and maturity schedule," said Dave Evans, chief financial officer. "The financing structure is aligned with our business strategy and capital structure strategy, giving us the ability to properly invest in our business while also continuing to return cash to shareholders."
JP Morgan Chase Bank, as administrative agent, and Bank of America Merrill Lynch, as syndication agent, led a syndicate of 24 other lending banks.
Recovery settles over cement industry
Sluggish demand for cement from housing construction dented the supply-demand matrix of the cement industry in the last several years, according to a report from Research and Markets. Now it’s time to recover.
According to the report "US Cement Industry Analysis," the cement industry in the US is currently in its recovery phase and striving hard to diminish the after effects of the economic slowdown. New housing starts and commercial construction activities are now picking pace and showing hopes to cement demand retrievals, according to the study. Recuperating infrastructure spending along with growing domestic demand from almost all the prominent industry verticals will enable the apparent cement consumption to grow at a CAGR of around 8.5% during 2011-2015.
The economy is recuperating from recession and the real GDP grew by 2.6% in 2010 after declining to 2.5% in 2009. The recovering economy along with balancing cement prices will kick start cement market recovery in near future and will help it to accelerate further in the coming years.
Further, at the regional front, West South Central (including mainly Louisiana, Oklahoma, Northern & Southern Texas) and South Atlantic (with states including Delaware, Washington DC, Florida, Georgia) are leading the country in terms of cement production as well as consumption.