Boise Cascade Shares Rise 31% in Initial Public Offering

By Rich Christianson | Posted: 02/09/2013 10:33AM

 

BOISE, ID – Boise Cascade Company's common stock price closed at $27.56 on Friday, 31.2% above the price it opened Feb. 6 on the New York Stock Exchange (NYSE).

Boise Cascade plywoodBoise Cascade plywood warehousing. Boise Cascade, trading under the symbol BCC, launched its initial public offering of 11,764,706 shares of its common stock at $21 per share. The offering is expected to close on Monday Feb. 11. The company's IPO raised $247.8 million; after net underwriters' discount and commissions, Boise Cascade expected to realize $228.4 million in net proceeds. About $25 million of this amount will be used to repaly loans under its revolving credit facility and the remainder will be used for general corporate purposes, the company said.

BofA Merrill Lynch; Goldman, Sachs & Co.; Deutsche Bank Securities; J.P. Morgan; and Wells Fargo Securities are acting as joint book-running managers for the offering. D.A. Davidson & Co., Moelis & Company and Piper Jaffray & Co. are serving as co-managers for the offering.

Boise Cascade is a vertically-integrated wood products manufacturer and building materials distributor with operations throughout the United States and Canada.

 

About the Author

Rich Christianson

Rich Christianson is Associate Publisher and Editor at Large of Woodworking Network. During his 25+ years covering the wood products industry, Rich has toured hundreds of manufacturing plants throughout North America, Europe and Asia. His reporting has covered everything from the state of the industry and impact of wood imports to technology and environmental issues. In his current capacity he is responsible for editing the daily Woodworking Network Update newsletter and coordinating events including the annual Cabinets & Closets Conference & Expo and Canada’s biennial Woodworking Machinery & Supply Expo. He can be contacted at rchristianson@woodworkingnetwork.com or follow him on Google+.

Read more of Rich Christianson's blogs.


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