BLUELINX HOLDINGS INC. (NYSE:BXC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01Entry into a Material Definitive Agreement.
The disclosure under Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 1.02Termination of a Material Definitive Agreement.
The disclosure under Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 2.01Completion of Acquisition or Disposition of Assets.
On January 10, 2018, BlueLinx Holdings Inc. (the “Company”), through certain of its subsidiaries, completed four sale-leaseback transactions (the “Sale-Leaseback Transactions”) with affiliates of Brennan Investment Group (collectively, the “Buyer”). to the Sale-Leaseback Transactions, the Company sold four of its warehouse facilities to the Buyer for an aggregate cash purchase price of $110 million. The Sale-Leaseback Transactions were completed to certain Purchase and Sale Agreements, each dated November 6, 2017, between certain subsidiaries of the Company and the Buyer, each as amended by an Amendment to Purchase Agreement, dated December 17, 2017 (collectively, the “Purchase and Sale Agreements”). In connection with the Sale-Leaseback Transactions, the Company also entered into long term leases on each of the four properties for fifteen-year initial terms with multiple renewal options of varying lengths. The four warehouse facilities are located in (i) Lawrenceville, Georgia, (ii) Bellingham, Massachusetts, (iii) Butner, North Carolina, and (iv) Frederick, Maryland.
On January 10, 2018, the Company used a portion of the sale proceeds from the Sale-Leaseback Transactions to pay off the remaining principal outstanding of approximately $97.85 million under the Company’s Loan and Security Agreement, dated as of June 9, 2006, by and among German American Capital Corporation and certain subsidiaries of the Company, as amended through the Seventeenth Amendment to Loan and Security Agreement, dated as of March 24, 2016 (as amended, the “Mortgage Loan Agreement”). Although the outstanding principal under the Mortgage Loan Agreement has been paid in full, the parties will continue to satisfy certain obligations thereunder after closing.
Other than in respect to the transactions discussed above, there are no material relationships between the parties to the Sale-Leaseback Transactions and the Company or any of its affiliates, directors, officers, or their associates.
The foregoing summary does not purport to be complete and is subject to, and qualified in its entirety by, reference to the full text of the Purchase and Sale Agreements, the form of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2018.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
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Exhibit No. |
Description |
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99.1 |
Press Release dated January 10, 2018
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BlueLinx Holdings Inc. ExhibitEX-99.1 2 a991realestatepressrelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.14300 Wildwood ParkwayAtlanta,…To view the full exhibit click here
About BLUELINX HOLDINGS INC. (NYSE:BXC)
BlueLinx Holdings, Inc. is a distributor of building products in North America. The Company operates its distribution business through a network of approximately 40 distribution centers. It serves metropolitan areas in the United States and delivers building products to a range of wholesale and retail customers. The Company distributes products in approximately two categories, such as structural products and specialty products. Structural products include plywood, oriented strand board (OSB), rebar and remesh, lumber and other wood products primarily used for structural support, walls and flooring in construction projects. Specialty products include roofing, insulation, specialty panels, molding, engineered wood products, vinyl products (used primarily in siding), outdoor living, particle board and metal products (excluding rebar and remesh). It also provides a range of services and solutions, such as intermodal distribution services; inventory stocking, and backhaul services.