Armstrong Closes Credit, To Pay Special Dividend

Lancaster, PA, Nov. 23, 2010 -- Armstrong said it has closed on $1.050 billion in senior secured credit and that it will pay a special cash dividend of $13.74 per share worth about $800 million.

Armstrong's new credit facility includes $800 million of new term loans, a portion of which was used to repay $430 million principle amount of existing debt, and the remainder of which will be used to partially fund the special cash dividend.

The dividend will be paid on December 10, 2010 to shareholders of record as of December 3.

Because of the size of the dividend, the New York Stock Exchange has determined the ex-dividend date will be December 13.