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Armstrong World firms $250 million term loan B at discount of 99
By Sara Rosenberg
New York, March 4 – Armstrong World Industries Inc. finalized the original issue discount on its $250 million seven-year term loan B at 99, the wide end of the 99 to 99.5 talk, according to a market source.
Pricing on the B loan remained at Libor plus 325 basis points with a 0.75% Libor floor.
Bank of America Merrill Lynch is the left lead bank on the deal.
The company’s $1.05 billion credit facility (B1/BB+) also includes a $200 million revolver and a $600 million term loan A.
Proceeds will be used to refinance an existing credit facility in conjunction with and subject to the completion of the previously announced planned separation of the company’s flooring business, Armstrong Flooring Inc.
Armstrong intends to use cash on hand and $50 million from a dividend from Armstrong Flooring to reduce its total debt outstanding.
Armstrong is a Lancaster, Pa.-based designer and manufacturer of floors and ceiling systems.
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