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S&P revises BMC view to positive
S&P said it revised the outlook for BMC Stock Holdings Inc. to positive from stable and affirmed the company’s BB- rating.
The revision follows the announcement the company will merge with Builders FirstSource Inc. in an all-stock deal, the agency said.
“The proposed combination of BFS and BMC will create the largest and broadest-based supplier to homebuilders in the U.S. while preserving good debt leverage. After the merger, BFS will have revenue in excess of $11 billion and pro forma EBITDA with S&P Global Ratings adjustments (for leases etc.) before synergies of just over $900 million, making it the largest building materials distributor focused on the homebuilding sector,” S&P said in a press release.
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