Calpine to Announce Fourth Quarter and Full Year 2015 Results on February 12, 2016
OREANDA-NEWS. BlueLinx Holdings Inc. (NYSE:BXC) (“BlueLinx”, or the “Company”) announced that it has entered into a term sheet with its existing real estate lenders, pursuant to which the term of its outstanding $159.8 million real estate loan will be extended for three years. Key terms of the extension also include:
- New maturity date of July 1, 2019
- Interest-only at an annual rate of 6.35%
- Principal pay-down of at least $60 million by July 1, 2017, and at least an additional $55 million pay-down by July 1, 2018
BlueLinx anticipates that the loan extension transaction will close in the next few weeks, subject to the execution of definitive agreements and the satisfaction of certain mutually agreed-upon conditions.
Mitch Lewis, CEO of BlueLinx commented, “We appreciate the support of our existing real estate lenders and view this extension as the first step in significantly reducing BlueLinx’s financial leverage. The material terms we have agreed to should enable the Company to quickly monetize and otherwise take advantage of the significant excess value we have in our real estate portfolio to delever and strengthen the balance sheet of BlueLinx.”
BlueLinx received an independent third-party desktop valuation of its real estate portfolio in November 2015, which estimated the operating value of its properties (using market cap rates) in the $332-$352 million range. The current outstanding principal balance on the real estate loan is approximately $157.8 million net of $2.0 million in certain reserves.
In an unrelated matter, on January 26, 2016, BlueLinx received notice from the New York Stock Exchange (the “NYSE”) that it is not in compliance with NYSE listing standards because, as of January 19, 2016, the Company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million, while its stockholders’ equity was less than $50 million. The Company intends to regain compliance with this listing standard.
About BlueLinx Holdings Inc.
BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building products in North America. The Company is headquartered in Atlanta, Georgia and operates its distribution business through its network of approximately 44 distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC.
Calpine Corporation (NYSE:CPN) announced today that it plans to release fourth quarter and full year 2015 financial results on Friday, February 12, 2016, before the opening of the New York Stock Exchange. Management will present the results during an investor call scheduled for 10 a.m. Eastern Time / 9 a.m. Central Time on February 12.
About Calpine
Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Our fleet of 83 power plants in operation or under construction represents nearly 27,000 megawatts of generation capacity. Through wholesale power operations and our retail business, Champion Energy, we serve customers in 19 states and Canada. We specialize in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, stricter environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid.
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