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Armstrong World closes on nearly $1.3B refinancing

By - Last modified: March 18, 2013 at 12:07 PM

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.

Armstrong’s shares trade on the New York Stock Exchange under the ticker symbol AWI.

 

Write to the Editorial Department at editorial@cpbj.com

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