Building Materials withdraws $325 million note offering, shifts financing to second-lien loan

By Paul A. Harris and Sara Rosenberg

St. Louis, March 8 - Building Materials Corp. of America has abandoned its proposed $325 million offering of eight-year senior secured notes (Caa1/B), opting to move the financing to the second-lien bank loan market instead, according to sources in the high-yieid and bank loan markets.

During the marketing of the note offering, the company had restructured the deal, eliminating a proposed fixed-rate tranche.

Deutsche Bank Securities, Bear Stearns and JP Morgan were joint bookrunners.

Proceeds were slated to help fund the acquisition of Elk Corp.

Building Materials is a Wayne, N.J., building products manufacturer.

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