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AWI Closes Facility, Declares Special Dividend

By Market News Video Staff, Wednesday, November 24, 1:02 PM ET

Armstrong World Industries (NYSE:AWI) said today it closed on a $1.05 billion senior secured credit facility, and declared a $13.74 per share special cash dividend.

The new credit facilities consists of a $250 million revolver, a $250 million term loan A, and a $550 million term loan B.

The special cash dividend will be pain December 10 to shareholders of record as of December 3.

The maker of windows and doors said the transactions complete its previously announced leveraged recapitalization plan.

Shares are trading up 2.75% Wednesday.

At 4.67% of the fund, Armstrong is a top five holdings of the SPDR S&P Homebuilders ETF (AMEX:XHB).

Other top stocks in the fund include Tempur Pedic (NYSE:TPX) , at 4.87% of the portfolio, Aarons (NYSE:AAN), at 4.83%, Pier 1 Imports (NYSE:PIR), 4.82% of the fund, and Williams-Sonoma (WSM), 4.51%.

Find the right mix of model portfolios today at PortfolioChannel.com


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This Article's Word Cloud:   AMEX   Aarons   Armstrong   December   Homebuilders   Imports   Industries   NYSE   Pedic   Pier   SPDR   Shares   Sonoma   Tempur   Wednesday   Williams   World   announced   billion   cash   closed   consists   credit   declared   dividend   facilities   five   fund   holdings   include   leveraged   loan   maker   million   pain   plan   previously   recapitalization   record   revolver   said   secured   senior   special   stocks   term   today   trading   will   windows
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