Armstrong World firms $249 million term loan B at Libor plus 275 bps

By Sara Rosenberg

New York, Feb. 16 – Armstrong World Industries Inc. set pricing on its $249 million term loan B due 2023 at Libor plus 275 basis points, the low end of the Libor plus 275 bps to 300 bps talk, according to a market source.

The term loan still has a 0.75% Libor floor, a par issue price and 101 soft call protection for six months.

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

Proceeds will be used to reprice an existing term loan down from Libor plus 325 bps with a 0.75% Libor floor.

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

© 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.