BlueLinx completes $60 million stock offering
BlueLinx Holdings has raised approximately $58.5 million after investors fully subscribed to a $60 million rights offering that expired on July 22. Following the issuance of the newly subscribed shares, which is expected to occur on or about July 28, 2011, BlueLinx will have approximately 61.8 million total shares outstanding.
Cerberus ABP Investor will remain the majority stockholder, owning approximately 55% of BlueLinx' common stock.
When BlueLinx first announced the offering in April, the Atlanta distributor said it would use any proceeds to pay down debt and also fund capital improvements.
Commenting on the announcement, BlueLinx president and CEO George Judd stated: "We are pleased with the results of the offering and are grateful to our stockholders for their continued support."