Restructuring Proposed At Builders FirstSource
DALLAS (AP) ¿ Builders FirstSource Inc., which supplies building products, said Tuesday its two largest stockholders have proposed a restructuring of the company's debt.
Shares fell more than one-third in afternoon trading.
JLL Partners Fund V and Warburg Pincus Private Equity IX would restructure Builders FirstSource's outstanding $275 million principal amount of second priority senior secured floating rate notes and a stock rights offering to share owners.
Combined, JLL and Warburg own about 50 percent of shares of the Dallas-based Builders FirstSource and approximately $98 million of the notes.The board of directors said it has established a committee to evaluate the proposal. Shares fell $2.72, or about 35 percent, to $4.97.
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