09:01 AM EDT, 09/12/2024 (MT Newswires) -- Doman Building Materials Group ( CWXZF ) said on Thursday that it launched an offering of $265 million aggregate principal amount of 7.50% senior unsecured notes due 2029.

The company will use the proceeds to reduce amounts outstanding under its syndicated credit facility and repurchase for cancellation a portion of its 2026 senior notes which, as of June 30, had balances of $339.4 million and $324.5 million, respectively.

Doman said it can still draw on its syndicated credit facility in the future to fund potential acquisitions, and for working capital and general corporate purposes.

"The company is pleased with investor reception to our senior notes offering which allows us to further solidify our balance sheet on attractive terms and provide ample liquidity to take advantage of future acquisition opportunities that fit our strategic, financial and operating parameters," Chairman and CEO Amar Doman said. "Diversifying our funding sources is a key tenet of our strategic growth plans as we continue our evolution and growth journey and we are very pleased to see the breadth of the investor base."

The notes offering is expected to close around Sept. 17.