BlueLinx pays off term loan
BlueLinx Holdings Inc. reported that it has repaid the outstanding principal balance under its term loan facility of approximately $16 million on April 2, 2021.
The payment was funded through existing availability under the company’s revolving credit facility.
“Our voluntary repayment of the term loan reduces cash interest expense and further simplifies our capital structure, which is consistent with our disciplined approach to managing our balance sheet,” said Kelly Janzen, CFO of BlueLinx. “Given the continued, underlying strength of our end-markets and strategic approach to managing working capital, we remain focused on deleveraging, while maintaining ample liquidity to support our profitable growth objectives.”
Last month, BlueLinx reported that fourth quarter 2020 sales leaped 41% to $865 million compared to fourth quarter 2019 sales of $613 million. For the full year, 2020 net sales increased 17% to $3.1 billion from 2019 total net sales of $2.6 billion.
The building products distributor’s fourth quarter net income swung to $20 million from a loss of $10.2 million for the same period a year ago. BlueLinx also posted a net income $81 million for the full year compared to a net loss of $17.7 million in the previous year.
Based in Marietta, Ga., BlueLinx distributes a comprehensive range of products to more than 15,000 national, regional, and local dealers, specialty distributors, national home centers, and manufactured housing customers.
