2013-03-18 12:11:56 -
LANCASTER, Pa., March 18, 2013 --Armstrong World Industries, Inc. (NYSE: AWI),
today announced that on Friday March 15, it closed on a new $1.275 billion
Senior Secured Credit Facility consisting of a $250 million of revolving credit
facility and a $575 million term loan A, both of which mature in March of 2018,
and a $450 million term loan B which matures in March of 2020. Proceeds from
this new credit agreement will be used to repay the company's previous credit
agreement. The company expects that the transaction, which was led by BofA
Merrill Lynch, JP Morgan and Barclays, will lower cash interest expense by
approximately $8 million annually. Fees, which are expected to be approximately
$8 million, will largely be amortized over the life of the facility.
Disclosures in this release, including without limitation, those relating to
future financial results guidance, and in our other public documents and
comments contain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Those statements provide our future
expectations or forecasts and can be identified by our use of words such as
"anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe,"
"outlook," "target," "predict," "may,"
"will," "would," "could," "should,"
"seek," and other words or phrases of similar meaning in connection with any
discussion of future operating or financial performance. Forward-looking
statements, by their nature, address matters that are uncertain and involve
risks because they relate to events and depend on circumstances that may or may
not occur in the future. As a result, our actual results may differ materially
from our expected results and from those expressed in our forward-looking
statements. A more detailed discussion of the risks and uncertainties that
could cause our actual results to differ materially from those projected,
anticipated or implied is included in the "Risk Factors" and "Management's
Discussion and Analysis" sections of our reports on Forms 10-K and 10-Q filed
with the U.S. Securities and Exchange Commission ("SEC"). Forward- looking
statements speak only as of the date they are made. We undertake no obligation
to update any forward-looking statements beyond what is required under
applicable securities law.
Armstrong World Industries, Inc. is a global leader in the design and
manufacture of floors and ceilings. In 2012, Armstrong's consolidated net sales
from continuing operations totaled approximately $2.6 billion. As of December
31, 2012, Armstrong operated 32 plants in eight countries and had approximately
8,500 employees worldwide.
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Armstrong Completes Refinancing of Senior Credit Facility:
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Source: Armstrong World Industries, Inc. via Thomson Reuters ONE