BlueLinx Announces Filing of Selling Stockholder Shelf Registration Statement
28 August 2017 - 8:15PM
BlueLinx Holdings, Inc. (NYSE:BXC) (the “Company” or “BlueLinx”), a
leading distributor of building and industrial products in the
United States, today announced it has filed a shelf registration
statement with the Securities and Exchange Commission (the "SEC").
The filing, if and when declared effective by the SEC, will
register all 4,713,826 shares of the Company’s common stock
beneficially owned by funds and accounts managed by Cerberus
Capital Management, L.P. or its affiliates (“Cerberus”), as
requested by Cerberus pursuant to an existing registration rights
agreement with the Company. Registration of the shares does
not necessarily mean, however, that those shares will be offered or
sold. BlueLinx will not sell any shares pursuant to the
registration statement and will not receive any proceeds from any
sale of the Company’s shares held by Cerberus.
Mitch Lewis, President and CEO of BlueLinx,
commented on the announcement saying “Cerberus has been an
excellent investor and partner with BlueLinx over the last 14
years. We appreciate both their partnership and support over
the years.”
“We have enjoyed our long-term relationship with
BlueLinx and its management team. In our view, the Company has
significant asset value, is well-managed and is well-positioned to
take full advantage of the ongoing housing recovery, as well as
potential consolidation in the industry,” said Steven F. Mayer,
Co-Global Head of Private Equity and Senior Managing Director at
Cerberus. “We have owned an interest in BlueLinx since 2004, and we
requested the Company to register our shares so that we could
consider opportunities to return our invested capital.”
Although various methods of offering shares are
provided for in the registration statement, Cerberus currently
intends that its initial sale of shares will be through an
underwritten offering; however, there can be no assurances that the
sales will occur through such an offering. The identity of
any underwriter and the specific plan of distribution for an
offering will be described in one or more prospectus supplements
from time to time.
Mr. Lewis added, “We view the Cerberus request to
register its shares as a tremendous opportunity to potentially
increase the public float of our stock and an inflection point for
BlueLinx. We will continue our efforts to capitalize on the
value of our owned real property and deleverage the Company while
focusing on the myriad of operational improvements that we are
already implementing.”
A registration statement relating to these
securities has been filed with the SEC, but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time that the registration statement
becomes effective. This news release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any offer or sale of these securities in any state or jurisdiction
in which an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About BlueLinx Holdings, Inc.
BlueLinx Holdings, Inc., operating through its
wholly owned subsidiary BlueLinx Corporation, is a leading
distributor of building and industrial products in the United
States. The Company is headquartered in Atlanta, Georgia and
operates its distribution business through its broad network of
distribution centers. BlueLinx is traded on the New York Stock
Exchange under the symbol BXC. Additional information about
BlueLinx can be found on its website at www.BlueLinxCo.com.
Forward-looking Statements
This press release includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to our ability to
return to profitability, and our guidance regarding anticipated
financial results. All of these forward-looking statements are
based on estimates and assumptions made by our management that,
although believed by BlueLinx to be reasonable, are inherently
uncertain. Forward-looking statements involve risks and
uncertainties, including, but not limited to, economic,
competitive, governmental, and technological factors outside of
BlueLinx’s control that may cause its business, strategy or actual
results to differ materially from the forward-looking statements.
These risks and uncertainties may include, among other things:
changes in the prices, supply and/or demand for products that it
distributes, general economic and business conditions in the United
States; the activities of competitors; changes in significant
operating expenses; changes in the availability of capital and
interest rates; adverse weather patterns or conditions; acts of
cyber intrusion; variations in the performance of the financial
markets, including the credit markets; and other factors described
in the “Risk Factors” section in the Form S-3 filed on August 25,
2017, the Company’s Annual Report on Form 10-K for the year ended
December 31, 2016, its Quarterly Reports on Form 10-Q, and in its
periodic reports filed with the Securities and Exchange Commission
from time to time. Given these risks and uncertainties, you are
cautioned not to place undue reliance on forward-looking
statements. BlueLinx undertakes no obligation to publicly update or
revise any forward-looking statement as a result of new
information, future events, and changes in expectation or
otherwise, except as required by law.
BlueLinx Contact Information:
BlueLinx Holdings, Inc.
(866) 671-5138
Investor@bluelinxco.com
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