Griffon Corporation (NYSE: GFF) said Monday it closed an $800 million senior notes offering and extended the maturity of its credit facility, reinforcing its financial flexibility amid ongoing capital management.
The notes consist of 6.25% senior unsecured obligations due 2034, issued in a private placement to qualified institutional buyers. The obligations are guaranteed by certain domestic subsidiaries and rank pari passu with existing senior debt. Griffon also announced the redemption of all outstanding 5.75% senior notes due 2028, which will leave no such notes outstanding after settlement.
In parallel, the company extended its revolving credit facility from August 1, 2028, to August 18, 2031. The amended facility maintains a $500 million cap and retains unchanged sub-facilities: a $125 million letter of credit sub-facility and a $200 million foreign currency sub-facility. The agreement also allows for incremental capacity, including additional revolving commitments, term loans, and other debt up to the greater of $500 million or an amount tied to a maximum consolidated senior secured leverage ratio of 3.50 to 1.00, subject to conditions.
Interest on borrowings under the facility will be calculated using either SOFR or a base rate benchmark, with initial pricing set at SOFR plus 1.75% or base rate plus 0.75%. The facility is guaranteed by material domestic subsidiaries and secured by substantially all assets of Griffon and its subsidiary guarantors.
Griffon’s portfolio includes residential and commercial building products under brands such as Clopay, IDEAL, and Holmes for garage doors, and Hunter, Casablanca, and Jan Fan for ceiling fans. The company said the financing actions support its long-term capital structure objectives and provide additional liquidity for strategic initiatives.
