BMC, a Boise company that sells building materials and construction services, said Monday that it has borrowed $250 million by issuing notes to refinance debt and to pay for business needs.
BMC already has used much of the money to refinance a term loan, pay down its asset-based lending revolving loan, and pay related fees and expenses. BMC said it intends to use the rest for general corporate purposes.
"We are pleased with the positive response we received with respect to this offering and the ongoing support of all of our stakeholders," CEO Peter Alexander said. "BMC continues to benefit from the improving housing market recovery, and I believe this offering will better position the company for success by strengthening our balance sheet."
The Senior Secured Notes were offered to qualified institutional buyers and to certain non-U.S. persons. They are backed by BMC's assets and take priority over any junior debt.
BMC sells residential building products and construction services to professional builders and contractors. It distributes lumber and other building materials and provides customized millwork and installation. It has a network of 29 lumber yards, 15 truss manufacturing plants and 24 millwork operations in the West, Texas and North Carolina.