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MyLowe’s on display at technology show

BY HBSDEALER Staff

The Mooresville, N.C.-based home improvement retailer’s MyLowe’s online product will be on display at the 2012 International CES show in Las Vegas.

The tech features of MyLowe’s include a card or key fob to track in-store purchases online; a digital home profile to create rooms and store floor dimensions, product details and notes for the home; and folders to organize projects and ideas.

The Jan. 10-12 consumer electronics show is one of the biggest trade fair’s in the country. 

 

 

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Insurance company offers $20K reward for arson tip

BY Brae Canlen

Two recent fires at Anderson Lumber in Waynesburg, Ky., may be the work of an arsonist, and Pennsylvania Lumbermens Mutual Insurance Co. wants to know who is responsible. The company’s insurer is offering a reward of up to $20,000 for information leading to the arrest and conviction of those responsible for the Dec. 20 and Jan. 1 blazes, which caused a combined estimate of $1.5 million in damages.

An old, vacant high school in the town has also been set on fire several times during the same time period, according to authorities.

The Kentucky Arson Task Force is also offering a $1,000 reward in the case.

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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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