BMC announces debt refinancing
Boise, Idaho-based BMC announced the closing of its $250 million aggregate principal amount private offering of Senior Secured Notes due 2018.
BMC used the net proceeds of the Senior Secured Notes offering to refinance its term loan, pay down its asset-based lending revolver, and pay related fees and expenses. BMC intends to use the remainder of the net proceeds 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,” said Peter Alexander, BMC CEO. “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.”
BMC distributes lumber and other building materials and provides customized millwork solutions and installation, as well as targeted construction services through 29 lumberyards, 15 truss manufacturing facilities and 24 millwork operations.
The company was honored by HCN as the 2012 Pro Dealer of the Year.
Lumber Liquidators searched by feds
Federal authorities came to Lumber Liquidators’ corporate offices in Toano and Richmond, Va., on Thursday with sealed search warrants related to questions over the importation of its wood flooring products.
The Department of Homeland Security’s Immigration and Customs Enforcement, together with the U.S. Fish and Wildlife Service, were involved in the search, though no further information is being released at this time.
"The Company takes its sourcing and compliance very seriously, and is cooperating with authorities to provide them with requested information," read a statement released by Lumber Liquidators.
The company said that since it sources products from approximately 110 domestic and international mills around the world, it’s subject to standard international and domestic regulations. Lumber Liquidators stressed its policies related to the sourcing, harvesting and manufacturing of its products, bolstered by more than 60 employees worldwide who monitor compliance with federal and other regulations.
Previously in June, Lumber Liquidators was under fire for an alleged formaldehyde violation. Seeking Alpha analyst Xuhua Zhou published a report detailing independent testing of its product samples, which revealed formaldehyde levels as high as three and a half times the legal cut-off. Some consumers also reported experiencing allergic symptoms after installing the flooring, including but not limited to headache, burning throat and skin rash.
Susan Roeder promoted to public affairs director at Andersen
Andersen Corporation has promoted Susan M. Roeder to director of public affairs, in which she will be responsible for growing the company’s presence via public outreach.
Roeder has been with Andersen since 1996 in a community outreach capacity. Since then, she has taken on additional responsibilities in the name of developing its public affairs initiatives and overseeing public relations.
“Susan has been the public face of Andersen to the community for 17 years,” said Andersen Vice President of Corporate Communications Laurie Bauer. “State and federal government actions can have a significant impact on our ability to do business – and we want to ensure we are part of the conversation.”
Roeder also serves as vice president of the Andersen Corporate Foundation board of directors, as well as a member of the Corporate Advisory Board for Yellowstone National Park and the board of directors for Como Friends at the Como Zoo in St. Paul.