Armstrong Amends Credit Facility & Hires Firm to Mull Sale of Company

Lancaster, PA, January 3, 2022-Armstrong Flooring has amended its ABL Credit Facility and Term Loan Facility. These amendments provide the cash flow necessary to run the company through June 30, 2022.

In conjunction with the Term Loan Amendment, Pathlight Capital LP, the company's current term loan lender, provided the company an additional $35 million aggregate principal amount of term loans to give the company financial flexibility to pursue its operational and strategic goals.

The company also announced it retained Houlihan Lokey Capital Inc. to assist with a process for the sale of the company and with the consideration of other strategic alternatives. The Board of Directors of the company determined this process to be in the best interests of the company and that a sale of the company or another strategic transaction are the best means to maximize value for the company's stockholders and other stakeholders.

Further information regarding the ABL Amendment, the Term Loan Amendment and related matters will be provided in a Current Report on Form 8-K that the company expects to file with the U.S. Securities and Exchange Commission today.