LANCASTER, Pa., Dec. 31, 2021 /PRNewswire/ -- Armstrong
Flooring, Inc. (NYSE:AFI) a leader in the design and manufacture of
innovative flooring solutions, announced it has successfully
amended its ABL Credit Facility and Term Loan Facility today.
These amendments, which received unanimous support from the
Company's ABL and Term Loan lenders, provide certain covenant
modifications under the Company's ABL and Term Loan facilities
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.
"These credit amendments and additional term loan funding
position us well to pursue our strategic initiatives and
effectively manage our operations," said Michel Vermette, President and Chief Executive
Officer. "We believe in the value and brand of Armstrong Flooring,
and remain firmly committed to our customers, suppliers and
employees. We are also grateful for the strong support and
partnership from Pathlight and our ABL credit partners as we
navigate this unprecedented situation."
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 on Monday, January 3, 2022.
About Armstrong Flooring
Armstrong Flooring, Inc. (NYSE: AFI) is a global leader in the
design and manufacture of innovative flooring solutions that
inspire beauty wherever your life happens. Headquartered in
Lancaster, Pennsylvania, Armstrong
Flooring continually builds on its resilient, 150-year legacy by
delivering on its mission to create a stronger future for customers
through adaptive and inventive solutions. The company safely and
responsibly operates seven manufacturing facilities globally,
working to provide the highest levels of service, quality, and
innovation to ensure it remains as strong and vital as its 150-year
heritage. Learn more at www.armstrongflooring.com.
Forward Looking and Cautionary Statements
Disclosures in this release and in our other public documents
and comments contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Those
statements provide our future expectations or forecasts and can be
identified by our use of words such as "anticipate," "estimate,"
"expect," "project," "intend," "plan," "believe," "outlook,"
"target," "predict," "may," "will," "would," "could," "should,"
"seek," and other words or phrases of similar meaning in connection
with any discussion of future operating or financial performance.
Forward-looking statements, by their nature, address matters that
are uncertain and involve risks because they relate to events and
depend on circumstances that may or may not occur in the future. As
a result, our actual results may differ materially from our
expected results and from those expressed in our forward-looking
statements. A more detailed discussion of the risks and
uncertainties that could cause our actual results to differ
materially from those projected, anticipated, or implied is
included in our reports filed with the U.S. Securities and Exchange
Commission. Forward-looking statements speak only as of the date
they are made. We undertake no obligation to update any
forward-looking statements beyond what is required under applicable
securities law.
You are encouraged to carefully review the Current Report on
Form 8-K that the Company expects to file with the U.S. Securities
and Exchange Commission on Monday, January
3, 2022, as it will contain important information regarding
the matters discussed in this press release. In particular,
the Form 8-K will contain a discussion of the risks and
uncertainties facing the Company in connection with the sale
process and consideration of strategic alternatives, the terms of
the amendments to the Company's ABL Credit Facility and Term Loan
Facility, the Company's operational performance, and related
matters.
Contact Information
Investors:
Amy Trojanowski
SVP, Chief Financial Officer
ir@armstrongflooring.com
Media:
Alison van Harskamp
Director, Corporate Communications
communications@armstrongflooring.com
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SOURCE Armstrong Flooring, Inc.