Armstrong World to launch $1.28 billion credit facility on Tuesday

By Sara Rosenberg

New York, Feb. 25 - Armstrong World Industries Inc. will hold a call on Tuesday afternoon to launch a $1,275,000,000 credit facility, according to a market source.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Barclays are the lead banks on the deal.

The facility consists of a $250 million five-year revolver, a $500 million five-year term loan A and a $525 million seven-year term loan B, the source said.

The term loan B has 101 soft call protection for six months, the source added.

Covenants include net leverage and minimum interest coverage ratios.

Proceeds will be used to refinance existing debt.

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

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