UPDATE 1-HD Supply files for $1 bln IPO

Fri Apr 12, 2013 6:56am EDT

* Co was taken private for $8.5 bln in 2007

* BofA, Barclays, J.P. Morgan, Credit Suisse lead underwriters

* Home Depot has a 12.4 pct stake

April 12 (Reuters) - Industrial and construction supplies distributor HD Supply Holdings Inc, a former division of Home Depot Inc, filed for a $1 billion initial public offering of its shares to take advantage of the rebounding U.S. housing market.

Bain Capital, Carlyle Group and Clayton, Dubilier & Rice, who took the company private for $8.5 billion in 2007, each own about 28 percent of the company.

Home Depot continues to hold a 12.4 percent stake in the company, according to HD Supply's prospectus filed with the Securities and Exchange Commission on Friday. ()

Atlanta, Georgia-based HD Supply is one of the largest distributors of construction, industrial and maintenance supplies in North America.

The company said BofA Merrill Lynch, Barclays, J.P. Morgan and Credit Suisse are the lead underwriters of the IPO.

The company plans to use the proceeds from the offering to repay debt and for general corporate purposes.

Low interest rates and rising rents have pushed many consumers to buy homes, reviving the U.S. housing market.

Homebuilder TRI Pointe Homes Inc, Taylor Morrison Home Corp and Boise Cascade Co, whose products are used in residential construction and remodeling projects, went public this year.

HD Supply did not disclose the number of shares on offer or their proposed price.

The amount of money a company says it plans to raise in its initial filings is used to calculate registration fees. The final size of the IPO could be different.

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