OfficeMax (NYSE:OMX) announced that it will receive approximately $129 million today in cash proceeds related to its investment in Boise Cascade Holdings.

Since October 2004, OfficeMax has held two classes of securities in BCH -- Series A non-voting equity securities that paid an annual dividend yielding 8%, and a 20.4% ownership interest in the Series B Units, which do not accrue any dividend.

OfficeMax will receive $112 million for all of the Series A units that equals the original $66 million investment plus $46 million in accrued dividends. The dividend will cease upon completion of the redemption. It's expected to trigger recognition of a pre-tax operating gain of approximately $68 million of the total $180 million in deferred book gain OfficeMax has carried on its balance sheet.

The office-supplies retailer will additionally receive approximately $17 million, as Boise Cascade also declared a distribution of approximately $85 million for holders of its Series B units. The distribution will be recognized as income by OfficeMax and will not reduce the $109 million investment amount.

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