The secondary public offering of 6 million common shares of Armstrong World Industries Inc. will start at $51 a share, the company announced today.
The Armstrong World Industries Inc. Asbestos Personal Injury Settlement Trust is selling 3,631,735 of the shares, and the other 2,368,265 of the shares are from Armor TPG Holdings L.P. Citigroup and Deutsche Bank Securities are acting as the joint book running managers for the offering, which is expected to close on or about Nov. 13.
The company will not sell any shares in the offering and will not receive any proceeds from the offering.
The trust was formed in 2006 to manage asbestos injury claims at the end of Armstrong’s Chapter 11 bankruptcy proceedings. Armor TPG is an arm of Fort Worth, Texas-based buyout company TPG Capital, a division of private investment firm TPG.