Headwaters Incorporated
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A US maker of building products and a top marketer of fly ash — the coal-combustion byproduct used to strengthen concrete — Headwaters sold its best-known brand, Eldorado Stone, for home and commercial construction. It began life in 1987 as Cynsulo Inc., went through several names and focuses before becoming Headwaters in 2000, then was bought by Australia's Boral in 2017. The name echoes the source of a river, fitting a firm that turned power-plant waste into useful building material.
Convertible Senior Subordinated Note
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