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Armstrong announces WAVE refinancing

BY HBSDEALER Staff

Flooring and ceiling products manufacturer Armstrong World Industries announced this morning the completion of a refinancing and a special dividend payment  by WAVE, its 50% joint venture with Worthington Industries.

Under the deal, 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.

"This is a good development for all parties involved," said Armstrong CEO Tom Mangas. "WAVE was able to refinance at a time of historically low interest rates and lock in its capital structure at a modest level of leverage, and the parent companies were able to realize the benefit of WAVE’s continued success in the form of the special dividend." 

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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Construction spending rises in November

BY HBSDEALER Staff

Construction spending during November 2011 rose 1.2% over the previous month, according to an estimate released by the Department of Commerce, which posted a seasonally adjusted annual rate of $807.1 billion. The increase was the third in four months and followed a revised 0.2% drop in October.

The November figure is slightly higher (0.5%) than November 2010’s construction spending estimate of $803.0 billion.

For the first 11 months of 2011, construction spending amounted to $724.8 billion, which is 2.5%  below the $743.6 billion for the same period in 2010, according to government estimates.

Residential construction rose 2.0% in November 2011, at a seasonally adjusted annual rate of $243.7 billion compared to the revised October estimate of $238.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $278.6 billion in November, nearly the same as the revised October estimate of $278.5 billion.

In year-over-year figures, residential construction rose 3.4% between November 2011 and November 2010. Residential construction includes both single and multi-family dwellings.

 

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In Hawaii, City Mill plans new store

BY HBSDEALER Staff

City Mill Co. plans to open a new store in Ewa Beach, Oahu, Hawaii, at the Laulani Village Shopping Center.

As the second anchor store, City Mill will encompass 40,000 sq. ft. with a 5,000-sq.-ft. area for additional garden, lumber and building materials. The new store is expected to open in late 2012. It will be the company’s ninth store.

Steven Ai, City Mill president and CEO said: “We are excited about this new City Mill addition, especially since there is so much growth in West Oahu and in the Ewa Beach area. We hope to be a strong member of that community, as we are in other neighborhoods where we have locations.”

The project developer is Safeway Inc. and it, along with City Mill, will be the shopping center anchor stores. Laulani Village will be the newest and largest retail development in Ewa history, with about 70 retailers, businesses and services. Groundbreaking of Laulani Village was on Nov. 3, 2011, with an anticipated opening date in late 2012. 

City Mill Co., Ltd. is a 113-year-old, Hawaii-based company that was founded in 1899 as a rice and lumber mill. It continues to be a private, family-owned and operated company whose primary business is to sell home improvement and related products for the repair and maintenance of the home and office. The company will celebrate its 113th anniversary this year. 

In 2010, City Mill represented the 110th largest company in Hawaii with total sales of $67 million. On a national level, in 2010, City Mill represented the 125th largest hardware/home improvement center in the United States.

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