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Boise Cascade Sets IPO Pricing Between $16 And $18

 January 24, 2013 02:36 PM
 


(By Balachander) Boise Cascade LLC, a maker of wood products and building materials, announced plans to sell 11.8 million shares at between $16 and $18 each in an initial public offering (IPO).

Based on the midpoint of the pricing range, the IPO could raise around $200 million in proceeds.

The Boise, Idaho-based company, owned by Madison Dearborn Partners IV and management (80 percent) and OfficeMax (20 percent) (OMX), will convert into a corporation and be renamed Boise Cascade Co.

For the nine months of 2012, the company earned $40.22 million on sales of $1.64 billion.

Boise Cascade plans to grant the underwriters a 30-day option to purchase up to an additional 1.76 million shares.

[Related -Merger Arbitrage Mondays – June 3, 2013]

The company has been approved to list its common stock on the New York Stock Exchange under the symbol "BCC."

BofA Merrill Lynch, Goldman, Sachs & Co., Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering.

In February 2008, Boise Cascade sold its Paper, Packaging & Newsprint, and Transportation businesses; they are now operating as Boise Inc.

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