The company’s new stock (NYSE: AWI) opened at $40 a share on the Big Board and at press time was trading at $39 per share.
The reorganized Armstrong, which emerged from bankruptcy protection Oct. 2 after its “Fourth Amended Plan of Reorganization, as Modified” became effective (FCNews, Oct. 16/23), continues to have its world headquarters here in Lancaster, which oversee a company that did almost $4 billion in net sales last year. It operates 43 plants in 12 countries and has 14,800 employees.
Along with getting its stock trading back to normal status, Armstrong announced it closed on two term loan financing agreements totalling $800 million. The first is for $300 million with a five-year maturity, and the second, worth $500 million, matures in seven years.
Proceeds of the loans will be used to fund distributions under the company’s court-approved Fourth Amended Plan of Reorganization, as Modified, dated Feb. 27, as well as for fees and expenses.
Armstrong was also expected to report its third-quarter earnings as well as a 2006 earnings outlook shortly after FCNews went to press.
In addition, the company said it is planning to hold meetings with investors Nov. 16 in New York and Nov. 17 in Boston.
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