Armstrong world industries, inc. enters into a second amendment to credit agreement
On september 30, 2019, armstrong world industries, inc. entered into a second amendment to credit agreement, amendment to security agreement, amendment to domestic pledge agreement and amendment to canadian pledge agreement by and among the company, the guarantors named therein, jpmorgan chase bank, n.a., citizens bank, n.a., fifth third bank and pnc bank, national association, as co-syndication agents, branch banking and trust company, td bank, n.a., manufacturers and traders trust company, the bank of nova scotia, capital one, national association, keybank national association, u.s. bank national association and wells fargo bank, national association, as co-documentation agents, and other lenders and l/c issuers party hereto and bofa securities, inc., jpmorgan chase bank, n.a., citizens bank, n.a., fifth third bank and pnc capital markets, llc, as joint lead arrangers and bookrunners. the amendment amends that certain amended and restated credit agreement, dated as of april 1, 2016, as previously amended, by and among the company, certain subsidiaries of the company, as guarantors thereunder, bank of american, n.a, as the administrative agents, and the other lenders and institutions party thereto, to, among other things, increase the revolving commitment to $500,000,000, reset the term a loan to $500,000,000, provide for repayment in full of the term b loan, extend maturity to september 30, 2024 and provide for an applicable margin above libor ranging from 1.25% to 2.00% based on the then applicable consolidated net leverage ratio. collateral securing the facility was modified to release all mortgaged properties. this amendment modifies the company's credit facility to lower the cost of borrowing, increase financial flexibility and extend the maturity date.
