Armstrong's reorganized stock to begin trading on NYSE
Armstrong closed on a $300 million term loan yesterday with a five-year maturity and a $500 million term loan with a seven-year maturity. Proceeds of the term loans are funding distributions under its court-approved fourth amended plan of reorganization. The plan allowed Armstrong to emerge from bankruptcy after six years under Chapter 11 protection as a result of asbestos-related litigation.
Armstrong also announced that it expects third quarter earnings to be posted Oct. 30. Armstrong will then provide a 2006 earnings outlook. In addition, Armstrong said it expects to hold investor meetings on Nov. 16 in New York and Nov. 17 in Boston.