BlueLinx Announces Repayment of $98 Million CMBS Mortgage

ATLANTA, Jan. 10, 2018 (GLOBE NEWSWIRE) -- BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of building and industrial products in the United

BXC), a leading distributor of building and industrial products in the United States, announced today the Company has paid off the remaining principal on its 2006 CMBS mortgage of approximately $98 million.  The payment was funded through long-term sale leaseback transactions on four properties owned by the Company, which provided $110 million in aggregate sale proceeds.  The Company will operate these locations under long-term leases, and after the transaction, the Company will continue to own 33 facilities in the United States.    
” data-reactid=”11″>ATLANTA, Jan. 10, 2018 (GLOBE NEWSWIRE) — BlueLinx Holdings Inc. (NYSE:BXC), a leading distributor of building and industrial products in the United States, announced today the Company has paid off the remaining principal on its 2006 CMBS mortgage of approximately $98 million.  The payment was funded through long-term sale leaseback transactions on four properties owned by the Company, which provided $110 million in aggregate sale proceeds.  The Company will operate these locations under long-term leases, and after the transaction, the Company will continue to own 33 facilities in the United States.    

“We are very pleased that over the last four months we have both replaced our ABL and paid the principal of our legacy mortgage while continuing our mission to delever BlueLinx. The Company’s portfolio of owned real estate continues to provide financial strength as a source of liquidity for additional debt reduction and operational and strategic opportunities in the future,” said Mitch Lewis, President and CEO.   

Shyam Reddy, Chief Administrative Officer, responsible for the Company’s real estate activity, added “We appreciate the support of our CMBS lenders through the transformation of BlueLinx over the last two years.  We continue to engage in discussions regarding additional opportunities to monetize our real estate and will assess these transactions in light of our capital requirements and strategic initiatives.”

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