Armstrong launches $550 million term loan B at Libor plus 300 bps

By Sara Rosenberg

New York, March 1 - Armstrong World Industries Inc. held a call at 11:30 a.m. ET on Tuesday to launch a $550 million term loan B that is being talked at Libor plus 300 basis points with a 1% Libor floor, a par offer price and 101 soft call protection for six months, according to a market source.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan that was obtained late last year for a dividend recapitalization.

The existing loan is priced at Libor plus 350 bps with a 1.5% Libor floor, and it was sold at an original issue discount of 991/2.

Armstrong is a Lancaster, Pa.-based designer and manufacturer of floors, ceilings and cabinets.

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