Armstrong: WAVE's refinancing includes $50 million 4.9% 10-year bond

By Lisa Kerner

Charlotte, N.C., Jan. 10 - Armstrong World Industries, Inc.'s previously announced $50 million 10-year private placement bond issue with WAVE, its 50% joint venture with Worthington Industries, has an interest rate of 4.9%, according to a recent presentation by Armstrong.

WAVE completed a refinancing that included the bond and a $225 million three-year revolving credit agreement.

As previously reported, proceeds from the transactions were used to repay WAVE's prior credit agreement, as well as to pay $50 million of special dividends to each of WAVE's two parent companies.

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

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