BFS prices note offering at $400 million

Senior secured note proceeds will be used to pay down credit facility.

BY HBSDealer Staff

Builders FirstSource, Inc. (BFS) has priced an offering of $400 million aggregate principal amount of 6.750% senior secured notes due 2027.

The price to investors will be 100% of the principal amount of the notes.

The Dallas, Texas-based pro dealer said it intends to use the net proceeds from the offering to repay a portion of the funds drawn under its existing term loan credit facility.

BFS also said that it plans to repurchase approximately $97 million aggregate principal amount of its outstanding 5.625% senior secured notes due 2024. The notes will be bought from note owners in open market transactions and with BFS paying related transaction fees and expenses.

Remaining proceeds will be used for general corporate purpose, BFS said.

Earlier this month, BFS reported a first quarter 2019 net income of $35.7 million – nearly 54% higher than a net income of $23.2 million for the same period last year.


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