I read recently that Boise Cascade was selling seven million shares of common stock held by Boise Cascade Holdings. I heard the price was $22.50 per share. By my calculations that's $157.5 million. Any idea how they were going use that money?

I read recently that Boise Cascade was selling seven million shares of common stock held by Boise Cascade Holdings. I heard the price was $22.50 per share. By my calculations that's $157.5 million. Any idea how they were going use that money?

— Vern S., Shady Cove

Unless you're an accountant, neither you, Vern, nor we at SYA's low-rent digs will ever know exactly where those dollars are going. We checked with our friends in the finance business and have a little better idea now than before.

First, Boise Cascade Holdings, the kind of organization formed for tax and investment purposes to begin with, is the company selling shares it owned in Boise Cascade Co. The holding company sold its shares, most likely to individual investors or investment groups already holding shares in the company. After factoring in underwriter discounts to eight companies involved in the offering, Boise Holdings picked up $151.2 million from the stock sale — prior to expenses.

According to Securities and Exchange Commission filings, Boise Cascade Co., the wood products firm based in Boise, Idaho, which operates several mills in Jackson County, will not receive any of the proceeds from the sale.

Although the sale closed on Nov. 14, Boise Cascade Holdings said it may sell another 1.05 million shares between now and Dec. 7.

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