AMENDMENT NO. 1Credit Agreement • March 11th, 2011 • Armstrong World Industries Inc • Plastics products, nec • New York
THIS AMENDMENT NO. 1, dated as of March 10, 2011 (this “Amendment”), of the Credit Agreement referenced below by and among ARMSTRONG WORLD INDUSTRIES, INC., a Pennsylvania corporation, and ARMSTRONG WOOD PRODUCTS, INC., Delaware corporation, as Borrowers, the Guarantors identified herein and BANK OF AMERICA, N.A., as Administrative Agent for and on behalf of the Lenders. Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Credit Agreement.
ContractSenior Secured Credit Facility • March 11th, 2011 • Armstrong World Industries Inc • Plastics products, nec
LANCASTER, Pa., March 10, 2011. Armstrong World Industries, Inc. today amended its existing Senior Secured Credit Facility, of November 23, 2010. Taking advantage of improving capital markets, the company is acting to lower future interest expense. The amendment provides for three changes to the term loan B portion of the agreement: the borrowing spread over LIBOR is reduced from 3.5% to 3.0%, the LIBOR floor is reduced from 1.5% to 1.0%, and the maturity of the loan is extended to March 10, 2018. The company expects to save $2.75 to $5.5 million in interest expense annually. Armstrong paid a call premium of $5.5 million to lenders of the old term loan, for accounting purposes the call premium will be amortized over the extended maturity of the loan.
