RALEIGH, N.C., Aug. 14, 2013 (GLOBE NEWSWIRE) -- Stock Building Supply Holdings, Inc. (Nasdaq: STCK ) ("Stock Building Supply") announced today that it has closed its previously announced underwritten initial public offering of 7,000,000 shares of its common stock at a price to the public of $14.00 per share. Stock Building Supply sold 4,411,765 shares and certain selling stockholders sold 2,588,235 shares. In connection with the initial public offering, the underwriters exercised in full their option to purchase an additional 1,050,000 shares of common stock from certain selling stockholders. As a result, the total initial public offering size was 8,050,000 shares.
Stock Building Supply received proceeds, net of underwriting discounts and commissions, of approximately $57.4 million from the offering. Stock Building Supply intends to use the proceeds to the Company from this offering to pay approximately $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.
Goldman, Sachs & Co., Barclays and Citigroup served as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated acted as lead co-manager, and Stephens Inc. and Wells Fargo Securities, LLC acted as co-managers. Copies of the prospectus related to the offering may be obtained from Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526, facsimile: 212-902-9316, e-mail: prospectus-ny@ny.email.gs.com ; Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 888-603-5847, email: barclaysprospectus@broadridge.com ; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 800-831-9146.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on August 8, 2013. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Stock Building Supply
Stock Building Supply is a large, diversified lumber and building materials distributor and solutions provider that sells primarily to new construction and repair and remodel contractors.
Forward-Looking Statements
This press release contains forward-looking statements, which are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these statements. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of expected future developments and other factors we believe are appropriate in these circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. Many factors could affect our actual performance and results and could cause actual results to differ materially from those expressed in the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact Solebury Communications Group LLC Richard Zubek (919) 431-1133 or Media Contact Stock Building Supply Holdings, Inc. Bryan Yeazel Executive Vice President, Chief Administrative Officer & General Counsel (919) 431-1152
