Boise Cascade secures additional financing
Boise Cascade, one of the largest distributors of engineered wood products and building materials in the U.S., has secured a $350 million asset-based loan that will be used for working capital and to refinance existing debt. Banc of America Securities provided Boise Cascade with the credit facility, which includes a $150 million accordion feature, according to the announcement.
Boise Cascade treasurer Wayne Rancourt said the loan should “help us grow our distribution and engineered wood products business by increasing our position in existing markets, entering new geographic markets and expanding our product line.”
Headquartered in Boise, Idaho, Boise Cascade manufactures engineered wood products, plywood, lumber, and particleboard and distributes a broad line of building materials through 30 wholesale locations throughout the United States. Sales for fiscal 2007 were $5.4 billion.
Dallas set to approve green building standards
The Dallas City Council is set to approve a new ordinance that will place new green building standards in the city in two phases, according to the Dallas Morning News.
The ordinance’s first phase would go into effect Oct. 1, 2009. Under the law, builders would have to create structures (under 50,000 square feet) that use 15 percent less energy and 20 percent less water than current Dallas codes. Roofs must also meet energy efficiency guidelines. Larger projects “will face similar, but less stringent requirements,” according to the report.
By Oct. 1, 2011, the ordinance requires that all new construction in Dallas be approved under LEED standards set by the U.S. Green Building Council or commensurate programs, such as the local Green Built North Texas program.
The city council has yet to vote on the matter, pending a comment period set aside for developers who wish to address the issue.
Former Sears CEO to get paid through 2010
In a proxy statement filed by Sears Holdings, the company said it will pay its former CEO his $1 million base salary annually through March 24, 2010.
Sears Holdings announced in January that president and CEO Aylwin B. Lewis would step down from his role. Lewis also stepped down from the Sears Holdings board of directors.
Lewis has been replaced in the interim by W. Bruce Johnson, who currently serves as executive vp – supply chain and operations. He will receive an increased salary of $900,000, up from $745,224 last year, according to the statement. Sears Holdings is searching for a new CEO, during a time the company is planning a restructuring of it corporate structure.
The Chicago-based parent of Kmart and Sears stores has been struggling of late, with fourth-quarter earnings down 47.5 percent year-over-year and sales down 6.8 percent.