Martin Marietta Materials entered into the seventh amendment to its 2013 credit and security agreement with SunTrust Bank. The termination date of the agreement was extended to September 27, 2017 and the facility limit was increased to $300 million.

The agreement is a $300 million trade receivables securitization facility backed by trade receivables originated by the Martin Marietta or by its subsidiaries and acquired by the company, which it then sells or contributes to MM Funding. MM Funding’s borrowings bear interest at one-month LIBOR + 0.70%, subject to change in the event that this rate no longer reflects the lender’s cost of lending.

The agreement included cross-default provisions related to the Martin Marietta’s $350 million revolving credit agreement and $250 million term loan.

The lenders sold and assigned an interest in their rights and obligations under the credit and security agreement to The Bank of Tokyo-Mitsubishi, New York branch. SunTrust Bank previously sold and assigned an interest in its rights and obligations under the credit and security agreement to Regions Bank and PNC Bank in 2014.