Armstrong World amends for $1 billion repriced revolver, term loans

By Wendy Van Sickle

Columbus, Ohio, Oct. 1 – Armstrong World Industries Inc. entered into a second amendment to its credit agreement on Monday to increase the revolving commitment to $500 million, reset the term loan A to $500 million and provide for full repayment of the term loan B, among other things, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also extends the maturity date to Sept. 30, 2024 and provides for an applicable margin above Libor ranging from 125 basis points to 200 bps, based on the consolidated net leverage ratio.

The credit agreement was originally entered on April 1, 2016.

JPMorgan Chase Bank, NA, Citizens Bank, NA, Fifth Third Bank and PNC Bank, NA are the co-syndication agents. Branch Banking and Trust Co., TD Bank, NA, Manufacturers and Traders Trust Co., Bank of Nova Scotia, Capital One, NA, KeyBank NA, U.S. Bank NA and Wells Fargo Bank, NA are the co-documentation agents. BofA Securities, Inc., JPMorgan Chase, Citizens, Fifth Third and PNC Capital Markets, LLC are the joint lead arrangers and bookrunners.

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

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