Armstrong World Industries Inc. (Lancaster, Pa.) announced Tuesday a secondary public offering of 3,900,000 common shares of the company held by The Armstrong World Industries Inc. Asbestos Personal Injury Settlement Trust and Armor TPG Holdings L.P. The Trust and TPG are selling 1,845,023 shares and 2,054,977 shares in the offering, respectively, at a price of $54.25 per share. Armstrong will not sell any shares and will not receive any proceeds.
The offering is set to close on or about March 10. Upon completion, TPG will no longer hold any of Armstrong's common shares. Morgan Stanley will act as the sole underwriter for the offering. For a copy of the prospectus, call (866) 718-1649 or email the company.
Armstrong filed for bankruptcy in 2000 amid a flood of personal injury claims resulting from alleged asbestos exposure in its products. It emerged from bankruptcy in 2006 as a new corporation with new stock, funding the Asbestos Personal Injury Settlement Trust by giving it more than half of that new corporate stock. Its first sale of shares took place in November 2012.
