Boise Cascade LLC said today it plans to sell 11.8 million shares of its common stock in an initial public offering that could generate up to $243.5 million in proceeds.
The Boise, Idaho-based firm with plants in Medford and White City, will convert into a corporation and be renamed Boise Cascade Corp. The company said it expects to price the shares between $16 and $18 each. Based on the midpoint of that range, the IPO would generate $200 million in proceeds.
In addition, Boise said it plans to grant the offering's underwriters — including BofA Merrill Lynch, Goldman Sachs & Co., Deutsche Bank Securities, J.P. Morgan, and Wells Fargo Securities — a 30-day option to buy up to an additional 1.8 million shares.
Boise has received approval to list its shares under the symbol "BCC" on the New York Stock Exchange.
It plans to use $25 million in proceeds to repay debt and the rest for general corporate purposes.
— Staff and wire reports