The Idaho Statesman reports Boise Cascade LLC plans to go public after nine years as a privately-held company.
Eighty percent of Boise Cascade is held by Madison Dearborn Partners, a Chicago private-equity firm. The status change will make money for Madison Dearborn, spokesman John Sahlberg said.
With the stock offering, about 25 percent of the company will become public. Boise Cascade plans to sell 11.7 million shares to the public and will allow the firms underwriting the sale to buy an additional 1.8 million shares. With an expected opening price of $16 to $18 per share, the sale would raise an estimated $200 million to $250 million.
The new company has conditional approval to be listed on the New York Stock Exchange. It will be called Boise Cascade Co. and be traded under the symbol BCC. – Idaho Statesman
As the Statesman reports, Boise Cascade was created in 1957 when Cascade Lumber Co. and Payette Lumber Co. merged.
The wood-products company was hit hard by the housing boom and bust. The Idaho Statesman reports Boise Cascade lost $358 million between 2008 and 2011.