Armstrong World (AWI) Completes Refi, Dividend Payment by WAVE JV

Armstrong World Industries, Inc. (NYSE: AWI) has completed a refinancing and a special dividend payment by WAVE, its fifty percent joint venture with Worthington Industries. Pursuant to the refinancing, WAVE executed a $225 million three-year revolving credit agreement and a $50 million ten-year private placement bond. Proceeds of the transaction were used to repay WAVE's previous credit agreement, as well as to pay $50 million special dividends to each of WAVE's parent companies, Armstrong and Worthington.

Primarily as a result of the special WAVE dividend, Armstrong is revising its free cash flow guidance range for 2011 to an estimate of $150 million to $175 million, up from its previous guidance range estimate of $80 million to $120 million.

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