Armstrong World closes on nearly $1.3B refinancing
Armstrong World Industries Inc. has closed on new debt financing worth $1.275 billion, the Lancaster County-based building products manufacturer said today.
Armstrong said it closed Friday on a senior secured credit facility consisting of three elements:
• $250 million in revolving credit, maturing in March 2018.
• A $575 million term loan, also maturing in March 2018.
• A $450 million term loan, maturing in March 2020.
Armstrong is using the proceeds to pay down its previous credit agreement. The deal saves Armstrong about $8 million a year in interest expenses, the company said. Fees of roughly $8 million “will largely be amortized over the life of the facility,” Armstrong said.