BlueLinx Holdings Inc. (BXC) said Friday that it has completed its previously announced $40 million rights offering.
The company said previously that it would use the net proceeds of the rights offering of about $38.7 million to reduce the outstanding balance of its U.S. revolving credit facility.
Following the issuance of the newly subscribed shares, which is expected to occur on or about April 1, BlueLinx will have about 86.6 million total shares outstanding.
After giving effect to the offering, Cerberus ABP Investor LLC beneficially owns about 54.4% of BlueLinx' common stock.
Concurrent with the completion of the rights offering, BlueLinx's previously announced amendment and extension to its $400 million U.S. revolving credit facility became effective. As a result of the amendment and extension, the company's existing $400 million credit facility was increased by $22.5 million to $422.5 million and the maturity date was extended to April 15, 2016.
by RTT Staff Writer
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