Armstrong World talks $525 million term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, Feb. 27 - Armstrong World Industries Inc. is talking its $525 million seven-year term loan B at Libor plus 275 basis points with a 0.75% Libor floor and a par offer price, according to a market source.

The term loan B has 101 soft call protection for six months.

The company's $1,275,000,000 credit facility (BB-) also includes a $250 million five-year revolver and a $500 million five-year term loan A, both talked at Libor plus 250 bps, the source said.

BofA Merrill Lynch, J.P. Morgan Securities LLC and Barclays are the lead banks on the deal that launched on Tuesday.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.