S&P: Boise Cascade unaffected

Standard & Poor's said its ratings and outlook on Boise Cascade LLC (BB/stable/--) are unchanged following the company's announcement that it is planning an initial public offering of common stock.

Estimated proceeds of $500 million are expected to be paid to existing stockholders and used for fees, subject to consent from the company's bank lenders.

S&P said it expects pro forma debt to 2004 EBITDA to be in low- to mid-3x area.

Separately, S&P's placement of its ratings on OfficeMax Inc. on CreditWatch negative has no immediate impact on Boise's ratings or outlook.

However, S&P said Boise sells almost one-half of its uncoated free sheet production to OfficeMax and therefore any loss of volumes due to deterioration in OfficeMax's business or financial condition is a risk.

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