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BXC

BlueLinx

$9.55

-2.84 (-22.92%)

06:56
11/26/19
11/26
06:56
11/26/19
06:56

BlueLinx provided update on its deleveraging initiatives and operations

BlueLinx Holdings announced an update on its deleveraging initiatives and operations. The Company continues to actively explore sale leaseback and real estate sale opportunities, and expects to be able to announce further details on these activities in the coming weeks. In addition, on November 22 the Company filed a three-year, $50M universal shelf registration statement on Form S-3 with the SEC. Mitch Lewis, President and Chief Executive Officer, stated, "We are making good progress at various stages of several real estate monetization opportunities through sale leasebacks and outright sales from our $100M portfolio of owned real estate. We believe these efforts should generate meaningful debt reduction in the next 60 days. In addition, to provide additional financial flexibility, we filed a shelf registration statement. While we have no present plans to issue securities under the shelf registration statement, it adds to our options by providing accessibility to the capital markets for the next three years, if and when we determine that to be appropriate." Additionally, the Company is clarifying the calculation of the leverage ratio under its term loan agreement. At September 28 the Company's term loan balance was $147.2M the average balance of its revolving credit facility was $357.9M, its equipment finance lease liability was $34.4M and its unrestricted cash was $10.0M.

BXC BlueLinx
$9.55

-2.84 (-22.92%)

08/07/19
RILY
08/07/19
INITIATION
Target $28
RILY
Buy
BlueLinx initiated with a Buy at B. Riley FBR
B. Riley FBR started BlueLinx Holdings with a Buy rating and $28 price target.
08/08/19
08/08/19
INITIATION

Fly Intel: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Apple (AAPL), Samsung (SSNLF), HP Enterprise (HPE), HP Inc. (HPQ), and Dell Technologies (DELL) initiated with an Equal Weight at Barclays. 2. Avalara (AVLR) initiated with an Outperform at William Blair. 3. BlueLinx (BXC) initiated with a Buy at B. Riley FBR. 4. Corning (GLW) initiated with an Overweight at Barclays while Seagate (STX) was initiated with an Underweight, and Western Digital (WDC) was initiated with an Equal Weight. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/25/19
RILY
11/25/19
NO CHANGE
RILY
Buy
BlueLinx selloff on shelf registration overdone, says B. Riley FBR
B. Riley FBR analyst Alex Rygiel says the selling pressure today in shares of BlueLinx Holdings following Friday's shelf registration is overdone. The analyst has a Buy rating on the shares, which are down 25% to $9.39 in midday trading.

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