Subject to final terms and conditions, the company anticipates achieving lower interest expense, longer maturities and several minor technical improvements and would intend to use cash on hand, as well as $50 million from a dividend from Armstrong Flooring Inc. (AFI) anticipated in connection with the separation, to reduce total debt outstanding.
The new credit agreement is expected to be for $1.05 billion and includes $200 million from an undrawn revolving credit facility.
Armstrong World Industries, Inc. is a global leader in the design and manufacture of floors and ceiling systems.
