Armstrong World launches $249 million term B at Libor plus 275-300 bps

By Sara Rosenberg

New York, Feb. 6 – Armstrong World Industries Inc. held a lender call on Monday to launch a repricing of its $249 million term loan B due 2023 with talk of Libor plus 275 basis points to 300 bps with a 0.75% Libor floor and a par issue price, according to a market source.

The repriced loan has 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch is the lead bank on the deal.

The repricing will take the term loan down from Libor plus 325 bps with a 0.75% Libor floor.

Commitments are due at noon ET on Feb. 15, the source added.

Armstrong is a Lancaster, Pa.-based designer and manufacturer of floors and ceiling systems.

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