Armstrong World Industries Considers Special Cash Dividend of Approximately $8.55 per Share
Armstrong World Industries, Inc. (NYSE: AWI) today announced that its Board of Directors is considering the payment to shareholders of a special cash dividend of approximately $500 million in the aggregate.
The special cash dividend of approximately $8.55 per share to Armstrong's common shareholders would be funded in part by surplus cash on the Company's balance sheet, and in part by an additional $250 million of debt that the Company is looking to raise in the term loan B market via an expansion of its existing senior credit facility, market conditions permitting. This would increase the amount of the senior credit facility from $1.05 billion to $1.3 billion.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.