BOISE, Idaho (AP) -- Boise Cascade LLC, which makes wood products and building materials, said Wednesday that it plans to sell 11.8 million shares of its common stock in an initial public offering that could generate up to $243.5 million in proceeds.
The Boise, Idaho-based limited liability company, which will convert into a corporation and be renamed Boise Cascade Corp., said it expects to price the shares between $16 and $18 each. Based on the midpoint of that range, the IPO would generate $200 million in proceeds.
In addition, Boise said it plans to grant the offering's underwriters — including BofA Merrill Lynch, Goldman, Sachs & Co., Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities — a 30-day option to buy up to an additional 1.8 million shares.
Boise has received approval to list its shares under the symbol "BCC" on the New York Stock Exchange.
It plans to use $25 million in proceeds to repay debt and the rest for general corporate purposes.
Boise supplies more than 4,500 wholesalers, home improvement centers, retail lumberyards and other customers with products including laminated wood veneer, plywood and other construction materials.
For the 12 months ended Sept. 30, the company generated net income of $26.4 million and $2.63 billion in sales.
- Investment & Company Information
- Boise Cascade LLC
- limited liability company