Lancaster, PA, Sept. 11, 2013 -- Armstrong World Industries will hold a secondary public offering of 10 million common shares held by the Armstrong World Industries Asbestos Personal Injury Settlement Trust and Armor TPG Holdings.
The company itself will not sell any shares in the offering and will not receive any proceeds from the offering.
However, Armstrong has agreed to purchase about half of the 10 million shares. The company expects to fund the share repurchase with cash on its balance sheet and borrowings under its credit facility and trade receivables securitization.
As a result of the underwritten offering, the sellers will own less than 50% of the total voting power of the company’s common shares.