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BOISE CASCADE COMPANY

(BCC)
  Report
Delayed Nyse  -  04:00 2022-12-02 pm EST
73.18 USD   -0.92%
11/03Goldman Sachs Adjusts Price Target on Boise Cascade Company to $72 From $64, Maintains Neutral Rating
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11/01Boise Cascade : Investor Presentation November 2022
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BOISE CASCADE CO : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

09/09/2022 | 04:16pm EST

Item 1.01 Entry Into a Material Definitive Agreement.

Amendment to Senior Secured Asset-Based Credit Facility

On September 9, 2022, Boise Cascade Company (the "Company") and its principal operating subsidiaries, Boise Cascade Wood Products, L.L.C., and Boise Cascade Building Materials Distribution, L.L.C., as borrowers, and Boise Cascade Wood Products Holding Corp., Coastal Plywood, LLC, Coastal Forest Products LLC, Coastal Treated Products LLC, and Coastal Treated Products-Havana LLC, as guarantors, entered into the Eighth Amendment to the Amended and Restated Credit Agreement (the "Amendment") with Wells Fargo Capital Finance, LLC, as administrative agent, and the lenders from time to time party thereto, originally dated May 15, 2015 (as amended, restated, supplemented, or otherwise modified before the date of the Amendment, the "Credit Agreement" and as amended by the Amendment, the "Amended Agreement"). The Amended Agreement includes a senior secured asset-based revolving credit facility and a term loan.

The Amendment extends the maturity date of the Credit Agreement to the earlier of (i) September 9, 2027 and (ii) 90 days prior to the maturity of the Company's $400 million of 4.875% senior notes due July 1, 2030 (or the maturity date of any permitted refinancing indebtedness or permitted upsized refinancing indebtedness in respect thereof). In addition, the Amendment increases the maximum amount available for revolving loans under the Credit Agreement from $350.0 million to $400.0 million. The term loan within the Amended Agreement remains at $50.0 million.

The Amendment also modifies the interest rates under the Credit Agreement. Previously in the Credit Agreement, interest rates were based, at the Company's election, on either the LIBOR Rate or the Base Rate, as defined in the Credit Agreement, plus a spread over the index. The Amendment replaces the LIBOR Rate with Daily Simple SOFR and Term SOFR. Both SOFR options include a credit spread adjustment of 0.10%. The applicable spreads for the Credit Agreement did not change. In addition, the Amendment reduced the unused line fees the Company will pay from 0.25% per annum to 0.20% per annum.

The Amendment also modifies the Borrowing Base and certain components of the Borrowing Base, which is used to determine the amount of availability under the revolving credit facility under the Amended Agreement. The Amended Agreement contains a requirement that we meet a 1:1 fixed-charge coverage ratio (FCCR), applicable only if Excess Availability (as defined in the Amended Agreement) falls below 10% of the Line Cap. The Amended Agreement permits us to pay dividends only if at the time of payment (i) no default has occurred or is continuing (or would result from such payment) under the Amended Agreement, and (ii) (x) pro forma Excess Availability (as defined in the Amended Agreement) is equal to or exceeds 20% of the Line Cap or (y) pro forma Excess Availability is equal to or exceeds 15% of the Line Cap and our fixed-charge coverage ratio is greater than or equal to 1:1 on a pro forma basis.

The foregoing summary of the Amendment is qualified in its entirety to the complete text of the Amendment, which will be filed as an exhibit to the Company's Form 10-Q for the third quarter of 2022.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporate by reference into this Item 2.03.

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished as part of this Current Report on Form 8-K:

Exhibit No.         Description of Exhibit
101                 Cover Page Interactive Data File - the cover page XBRL tags are embedded
                    within the Inline XBRL document.

104                 The cover page from this Current Report on Form 8-K, formatted as Inline
                    XBRL.



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