Armstrong wraps amendment, repricing term loan to Libor plus 300 bps

By Sara Rosenberg

New York, March 10 - Armstrong World Industries Inc. completed the amendment to its senior secured credit facility on Thursday, under which pricing on the $550 million term loan B was reduced to Libor plus 300 basis points with a 1% Libor floor, according to a news release.

Prior to the amendment, the loan was priced at Libor plus 350 bps with a 1.5% Libor floor.

The repriced term loan was sold at par and includes 101 soft call protection for six months.

In addition, the amendment extended the maturity of the term loan to March 10, 2018.

Bank of America Merrill Lynch acted as the lead bank on the deal.

Armstrong paid a call premium of $5.5 million to lenders of the old term loan.

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

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