February 7, 2012

A bill introduced into the Pennsylvania House of Representatives would protect that state’s homeowners from mechanics' liens filed by subcontractors if the homeowners paid the contractor in full.

The bill would eliminate the ability of subcontractors, suppliers and others to file liens on owner-occupied residences when the monetary obligations have been paid in full. 

January 23, 2012

Standard & Poor's Ratings Services has lowered its rating on the unsecured notes of Building FirstSource to 'CC' from 'CCC-' and revised its recovery rating to '6' from '5' to reflect diminished recovery prospects, given a higher level of first-lien obligations, the credit rating company announced. The '6' recovery rating indicates an expectation for a negligible (0% to 10%) recovery in the event of a payment default.

December 5, 2011

Dallas-based Builders FirstSource announced the completion of a $160 million first-lien Term Loan financing agreement with affiliates of Highbridge Principal Strategies.

The company also announced it had entered into a standalone letter of credit facility with SunTrust Bank, which provides for the issuance of up to $20 million of letters of credit.

August 18, 2011

The U.S. Michigan Court of Appeals has upheld the construction lien of Stock Building Supply over AmTrust Bank in a residential foreclosure case, according to an opinion released on Aug. 2.