DAP patch solves drywall problems
DAP is rolling out several new products this year, among which is the Presto Patch, a drywall repair solution that provides a hardier alternative to many of its traditional counterparts.
The Presto Patch is a pre-cut drywall circle attached to oversized taping paper with a matching foam template.
Repairing holes up to 3 7/8-inch or 6 7/8 inch in standard half-inch drywall, the Presto Patch can be easily installed by cutting the hole to size with the template and slipping the circle into place, which adheres at the edges. After plastering the paper down to the wall, it can then be sanded down and painted over.
The Presto Patch was developed in response to a growing demand for drywall repair solutions that would hold up in heavily trafficked areas, such as behind doorknobs that may cause (and repeat) damage.
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.