Dallas-based Builders FirstSource (BFS) today announced the completion of a private offering of $350 million senior secured notes due in 2021. The dealer also took out a five-year, $175 million revolving credit line, worth $162.3 million after accounting for $12.7 million in outstanding debt, with the option to borrow up to $150 million more.
"Today marks a very important day for our company," BFS CEO Floyd Sherman said in a statement. "This financing transaction provides a more permanent capital structure, reduces annual interest by up to $16 million, and provides ample liquidity that will allow us to take advantage of the recovering housing market and the growth that comes with it."
BFS ranked seventh on this year's ProSales 100 list with $1.07 billion in sales to professional builders and contractors across 97 locations in 2012.