Armstrong announces WAVE refinancing/dividends

Home News Armstrong announces WAVE refinancing/dividends

Lancaster, Pa. —Armstrong World Industries recently announced the completion of a refinancing and a special dividend payment by WAVE, its 50% joint venture with Worthington Industries.  Pursuant to the refinancing, WAVE executed a $225 million, three-year revolving credit agreement and a $50 million, ten-year private placement bond.  Proceeds of the transaction were used to repay WAVE’s previous credit agreement, as well as to pay $50 million special dividends to each of WAVE’s parent companies, Armstrong and Worthington.

Armstrong CFO Tom Mangas commented that, “This is a good development for all parties involved.  WAVE was able to refinance at a time of historically low interest rates and lock in its capital structure at a modest level of leverage, and the parent companies were able to realize the benefit of WAVE’s continued success in the form of the special dividend.”

Primarily as a result of the special WAVE dividend, Armstrong is revising its free cash flow guidance range for 2011 to an estimate of $150 million to $175 million, up from its previous guidance range estimate of $80 million to $120 million.

 

Must Read

Happy Feet welcomes three new hires

Chattanooga, Tenn.—Happy Feet International, a producer of luxury vinyl plank and tile headquartered here, welcomed three team members to its management team. Scott Jones,...

NAFCD Annual Convention welcomes new exhibitors

Chicago—The 2022 NAFCD + NBMDA Annual Convention is taking place here November 1–3. During this event, distribution executives will have the opportunity to grow...

Shaw recognized as a ‘Best Employer’ in 2022

Dalton—Shaw Industries has been voted the 2022 "Best of the Best Employer for Industrial Manufacturing" in the Chattanooga Times Free Press’ people’s choice awards....

FCEF partners with Taylor Adhesives

Dalton—The Floor Covering Education Foundation (FCEF) has partnered with Taylor Adhesives, a leader in high-quality flooring adhesives and substrate coatings, to help grow technical...

Mapei’s Brittany Storm named LEED Fellow 2022

Deerfield, Fla.—Mapei Corporation’s sustainability manager, Brittany Storm, has been selected to the 2022 class of LEED Fellows by the U.S. Green Building Council (USGBC)...

Daltile launches Ravel porcelain collection

Dallas—Daltile’s new Ravel glazed porcelain collection of marble and stone looks brings contemporary luxury to a space, creating intimate and comforting elegance, according to...
Some text some message..
X