Stock Building Supply Closes IPO For Net Proceeds Of $57.4 Mln. - Quick Facts

(RTTNews) - Stock Building Supply Holdings Inc. (STCK) said Wednesday it has closed its previously announced underwritten initial public offering of 7 million shares of its common stock at a price to the public of $14.00 per share. Stock Building Supply sold about 4.41 million shares and certain selling stockholders sold nearly 2.59 million shares. I

n connection with the initial public offering, the underwriters exercised in full their option to purchase an additional 1.05 million shares of common stock from certain selling stockholders. As a result, the total initial public offering size was 8.05 million shares.

Stock Building Supply received proceeds, net of underwriting discounts and commissions, of about $57.4 million from the offering. The company plans to use the proceeds to it from this offering to pay about $46.2 million of the outstanding balances under the revolving line of credit under its secured credit agreement and to pay fees and expenses related to the offering.

Stock Building Supply will not receive any proceeds from the sale of shares by the selling stockholders.