Boise Cascade, LLC http://www.alacrastore.com/company-snapshot/Boise_Cascade_LLC-3630392 Sunday, September 07, 2008 2:56:12 AM 3630392 Boise Cascade, LLC en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/668521spcred/668521normThe latest Full Report from S&Pglobalstructured8/29/2008 1:00:48 PM400Full Report668521United StatesForest ProductsUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesForest ProductsFull Report(as of June 30, 2008) None before 2013 A modest amount of net debt; Pull-through of manufactured wood products into relatively stable building products distribution business; A diversified wood products portfolio; and A growing percentage of value-added product offerings. Highly cyclical wood products markets; A competitive and fragmented industry; Less scale than primary competitors; and Limited sales outside North America. The ratings on Boise Cascade LLC (BC), based in Boise, Idaho, reflect highly cyclical wood products markets, the company's moderate scale in a highly competitive and fragmented industry, and low operating margins. The ratings also consider BC's modest net debt level, its relatively stable building products distribution business, a growing percentage of value-added product offerings, and its sizable investment inUSA09739509738V15105010 151050 1510 15Boise Cascade LLC382320USA2233202ZFULLGLOBISSSTRUCCORPABSForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668536spcred/668536normThe latest Summary from S&Pglobalstructured8/29/2008 1:00:48 PM175Summary668536United StatesForest ProductsUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesForest ProductsSummaryThe ratings on Boise Cascade LLC (BC), based in Boise, Idaho, reflect highly cyclical wood products markets, the company's moderate scale in a highly competitive and fragmented industry, and low operating margins. The ratings also consider BC's modest net debt level, its relatively stable building products distribution business, a growing percentage of value-added product offerings, and its sizable investment in Boise Inc., its former paper and packaging businesses. BC is a leading national wholesale building products distributor. The company also manufactures wood products, including plywood, veneer, particleboard, lumber, and engineered wood products (EWP). BC generally has a more modest scale than its primary competitors in distribution and manufacturing. The distribution business also competes against regional and local distributors and theUSA09739509738V15105010 151050 1510 15Boise Cascade LLC382320USA2233202ZSUMMARYGLOBISSSTRUCCORPABSForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/634988spcred/634988normThe latest News from S&P3/11/2008 3:32:09 PMNews100globalstructured634988United StatesForest ProductsUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesForest ProductsNewsNEW YORK (Standard&Poor's) March 11, 2008--Standard&Poor's Ratings Services said today that it lowered its ratings on Boise Cascade LLC (BC), including lowering its corporate credit rating to 'BB-' from 'BB', following the sale of the company's paper, packaging and newsprint businesses to Boise Inc. (BB-/Stable/--) for $1.63 billion on Feb. 22, 2008. At the same time, we withdrew the ratings on BC's $1.175 billion senior secured credit facilities, as amounts outstanding were fully repaid with the sale proceeds (about $720 million was outstanding at Dec. 31, 2007). The outlook is negative. All ratings were removed from CreditWatch where they were originally placed on Sept. 7, 2007, with developing implications when the company announced the planned sale.USA09739509738V15105010 151050 1510 15Boise Cascade LLC382320USA2233202ZNEWSUSABoise Inc.435054USAGLOBISSSTRUCCORPABSForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/634989spcred/634989normThe latest Research Update from S&P3/11/2008 3:32:09 PMResearch Update175globalstructured634989United StatesForest ProductsUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesForest ProductsResearch UpdateOn March 11, 2008, Standard&Poor's Ratings Services lowered its ratings on Boise Cascade LLC (BC), including lowering its corporate credit rating to 'BB-' from 'BB', following the sale of the company's paper, packaging and newsprint businesses to Boise Inc. (BB-/Stable/--) for $1.63 billion on Feb. 22, 2008. At the same time, we withdrew the ratings on BC's $1.175 billion senior secured credit facilities, as amounts outstanding were fully repaid with the sale proceeds (about $720 million was outstanding at Dec. 31, 2007). The outlook is negative. All ratings were removed from CreditWatch where they were originally placed on Sept. 7, 2007, with developing implications when the company announced the planned sale. The downgrade reflects our assessment that BCUSA09739509738V15105010 151050 1510 15Boise Cascade LLC382320USA2233202ZRESUPDUSABoise Inc.435054USAGLOBISSSTRUCCORPABSForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/630232spcred/630232normThe latest News from S&P2/11/2008 3:33:07 PMNews100structuredglobal630232United StatesForest ProductsUnited StatesStructured FinanceGlobal IssuersAsset-Backed SecuritiesCorporationsForest ProductsNewsStandard&Poor's Ratings Services said today that it revised its CreditWatch implications on Boise Cascade LLC (BC), including its 'BB' corporate credit rating, to negative from developing. BC's ratings were initially placed on CreditWatch on Sept. 7, 2007, following the company's announcement that it was selling its paper, packaging and newsprint businesses to unrated Aldabra 2 Acquisition Corp. for $1.63 billion. "We have concluded that if the transaction is completed as currently proposed, we would lower BC's corporate credit rating by one notch to 'BB-'," said Standard&Poor's credit analyst Pamela Rice. "The outlook would be negative. The anticipated downgrade reflects our assessment that the legacy BC will have a weaker business risk profile following the transaction, becauseUSA09739509738V15105010 151050 1510 15Boise Cascade LLC382320USA2233202ZNEWSUSABoise Paper Holdings LLC435054USASTRUCGLOBISSABSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/630233spcred/630233normThe latest Research Update from S&P2/11/2008 3:33:07 PMResearch Update175globalstructured630233United StatesForest ProductsUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesForest ProductsResearch UpdateOn Feb. 11, 2008, Standard&Poor's Ratings Services revised its CreditWatch implications on Boise Cascade LLC (BC), including its 'BB' corporate credit rating, to negative from developing. BC's ratings were initially placed on CreditWatch on Sept. 7, 2007, following the company's announcement that it was selling its paper, packaging and newsprint businesses to unrated Aldabra 2 Acquisition Corp. for $1.63 billion. However, we have concluded from our analysis that if the transaction is completed as currently proposed, we would lower BC's corporate credit rating by one notch to 'BB-'. The outlook would be negative. The anticipated downgrade reflects our assessment that the legacy BC will have a weaker business risk profile following the transaction, because it will be substantiallyUSA09739509738V15105010 151050 1510 15Boise Cascade LLC382320USA2233202ZRESUPDUSABoise Paper Holdings LLC435054USAGLOBISSSTRUCCORPABSForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/SGL_0807870483moodys/SGL_0807870483htmlSpec Grade Liquidity Assmt1/3/2008 7:55:21 PMGlobal Credit Research Spec Grade Liquidity Assmt ## MAY #### Spec Grade Liquidity Assmt: Boise Cascade, LLC Boise Cascade, LLC Moody's Investors Service (Moody's) affirmed the SGL-# speculative grade liquidity rating of Boise Cascade,...Boise Cascade, LLC807870483300.0000AnalysishtmlBoise Cascade, LLCSGL_0807870483Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_140844_807870483moodys/PR_140844_807870483htmlAnnouncement9/15/2007 12:16:59 AMGlobal Credit Research Announcement ## SEP #### Announcement: Boise Cascade, LLC Moody's affirms the ratings of Boise Cascade Approximately $#.# billion of rated debt affected New York, September ##, #### -- Moody's affirmed the ratings...Boise Cascade, LLC807870483150.0000NewshtmlBoise Cascade, LLCPR_140844_807870483Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/600353spcred/600353normThe latest News from S&P9/7/2007 3:49:00 PMNews100globalstructured600353United StatesForest ProductsUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesForest ProductsNewsNEW YORK (Standard&Poor's) Sept. 7, 2007--Standard&Poor's Ratings Services said today that it placed its ratings, including its 'BB' corporate credit rating and its other ratings on Boise Cascade LLC on CreditWatch with developing implications. The action followed Boise's announcement that it is selling its paper, packaging and newsprint businesses to unrated Aldabra 2 Acquisition Corp. for $1.63 billion. The CreditWatch placement indicates that the ratings might be affirmed, raised, or lowered, depending on Boise's credit profile following the sale. Boise expects to use a portion of the $1.34 billion of cash it receives to pay down debt. The balance of the sale price will be received in shares of Aldabra common stock. The transaction is subjectUSA09739509738V15105010 151050 1510 15Boise Cascade LLC382320USANEWSGLOBISSSTRUCCORPABSForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/600354spcred/600354normThe latest Research Update from S&P9/7/2007 3:49:00 PMResearch Update175globalstructured600354United StatesForest ProductsUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesForest ProductsResearch UpdateOn Sept. 7, 2007, Standard&Poor's Ratings Services placed its ratings, including its 'BB' corporate credit rating and its other ratings on Boise Cascade LLC on CreditWatch with developing implications. The action followed Boise's announcement that it is selling its paper, packaging and newsprint businesses to unrated Aldabra 2 Acquisition Corp. for $1.63 billion. The CreditWatch placement indicates that the ratings might be affirmed, raised, or lowered, depending on Boise's credit profile following the sale. Boise expects to use a portion of the $1.34 billion of cash it receives to pay down debt. The balance of the sale price will be received in shares of Aldabra common stock. The transaction is subject to customary closing and other conditions, includingUSA09739509738V15105010 151050 1510 15Boise Cascade LLC382320USARESUPDGLOBISSSTRUCCORPABSForestCredit & Investment ResearchS&P Credit Research