Subsequent Events |
9 Months Ended |
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Jun. 30, 2022 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent EventsOn July 1, 2022, the Company entered into a $300.0 million notional interest rate swap agreement to hedge against SOFR interest rate fluctuations on a portion of its variable rate debt. The agreement provides for a fixed rate of 1.85% and a term through June 30, 2027. The agreement was designated as a cash flow hedge. The Company received a credit of $12.6 million under the "blend and extend" arrangement utilizing the fair values of the existing interest rate swap agreements at June 30, 2022.On August 1, 2022, the Company acquired substantially all of the assets of Southern Asphalt, Inc., an asphalt paving company headquartered in Conway, South Carolina. The acquisition was funded from borrowings under our delayed draw term loan in the amount of $25.2 million. The final amount of consideration for the acquisition remains subject to post-closing adjustments that are in the process of being completed with respect to inventory and certain assumed liabilities. The transaction extended the Company's footprint into eastern South Carolina and added two HMA plants in the Myrtle Beach, South Carolina metro area. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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