Building Materials Uses $57 Million Tax Refund To Pay Down Debt
May 26, 2009 (FinancialWire) — Building Materials Holding Corp. (OTCBB: BLGM) (Current Market Cap: US$8.36 Mil.) said it has received an anticipated $57 million federal tax refund for 2008, of which 70% was used to reduce borrowings under its term note.
The company used the remaining 30% of the refund to pay off its revolving credit facility and for working capital. As a result, as of May 22, there were no borrowings outstanding under the company’s revolver and around $270.4 million outstanding under the term note, according to BMHC.
Boise, Idaho-based Building Materials Holding is a provider of building materials and residential construction services in the United States. The company distributes building materials and manufacture building components for professional builders and contractors in the western and southern states. It also provides construction services to high-volume production homebuilders in key markets across the country.
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