Armstrong has announced plans to refinance its existing credit agreement in conjunction with and subject to the completion of the planned separation of the company’s flooring business.
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.