Economic Development

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Fed Reports Continued but Modest Economic Growth over the Summer

The Federal Reserve's "Beige Book" indicates that the U.S. economy continued along the path of modest growth over the summer. Read more

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BFS Secures $160 Million Term Loan

Builders FirstSource announced its completion of a new $160 million first-lien term loan financing agreement that's $10 million bigger than its current loan. At the same time, BFS entered into a new letter of credit facility worth $20 million. Read more

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Countertop Demand in U.S. Predicted to Rise 4.8% Annually Through 2015

U.S. demand for countertops is expected to rise 4.8% per year to reach $24.6 billion in 2015, according to the latest forecast by the Freedonia Group. The Cleveland-based research firm said a recovery in the new housing industry will drive demand. Read more

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International Paper Makes Tender Offer to Acquire Temple-Inland

International Paper Co. commenced a fully financed tender offer to acquire all outstanding Temple-Inland shares as part of a $3.3 billion takeover attempt of the corrugated packaging and building material manufacturer. Read more

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Georgia Gulf Building Unit's Op Loss Triples in 1Q

Georgia Gulf Corp., which makes a variety of building products that carry the Royal Group and recently acquired Exterior Portfolio brands, said its building products segment's operating loss more than tripled in the first quarter to $12.1 million from a $3.7 million loss in the first three months of 2010. Read more

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BlueLinx Net Loss Shrinks in 1Q on 9.4% Sales Drop

BlueLinx Holdings Inc. reported its net loss shrank to $12.3 million in the first quarter from a $14.7 million loss in the year-earlier period on a 9.4% drop in revenue to $390.6 million. Read more

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BFS Drops Plan To Offer $250M in Notes

Following weak endorsements from two major credit rating agencies, Builders FirstSource has abandoned plans to offer $250 million worth of senior secured notes due 2019 and update its senior secured revolving credit arrangements. Read more

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BFS Predicts Lighter 1Q Loss, Flat Sales

Builders FirstSource, as part of its plans to seek a refinancing of senior debt, forecast that it will post a loss of $9 million to $12 million this quarter using its adjusted EBITDA measuring stick, improving from a $15.3 million adjusted EBITDA loss in 2010's first quarter, on relatively flat sales of $160 million to $165 million. Read more

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Moody's, S&P Give Weak Ratings to BFS' Note Plans

Builders FirstSourcewill offer $250 million worth of senior secured notes due in 2019 that it will use in part to pay off similar notes that fall due next year and in 2016. Moody's and S&P both assigned relatively low ratings to those notes. Read more

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Handy Men

While new-home building lags, remodelers are seeing steady gains. One reason why: Foreclosures. Read more

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