Griffon Locks In $800M Senior Notes Purchase Agreement to Refinance 2028 Debt

summarizeSummary

Griffon Corporation entered into a purchase agreement for an $800 million senior notes offering at 6.25% due 2034, with proceeds earmarked to redeem all $975 million of its 5.75% notes due 2028. The deal extends debt maturities and completes a refinancing cycle following recent asset sales.

check_boxKey Events · Financing and Capital Events · GFF

• $800M Notes Purchase Agreement Signed

  A definitive purchase agreement was signed with BofA Securities and other initial purchasers for $800 million of 6.25% senior notes due 2034, priced on August 10, 2026.

• Proceeds to Redeem $975M 2028 Notes

  Together with cash on hand and revolver borrowings, the offering proceeds will redeem all $975 million of 5.75% Senior Notes due 2028, plus accrued interest and premiums.

• Debt Maturity Extended, Coupon Rises

  The refinancing replaces 2028 maturities with 2034 debt, but at a higher 6.25% coupon versus the 5.75% on the redeemed notes, increasing annual interest expense by approximately $4 million.

• Closing Expected August 18, 2026

  Subject to customary conditions, the sale of the notes is expected to close on August 18, 2026, with a conditional redemption notice already delivered for the 2028 notes.

auto_awesomeAnalysis · GFF · Manufacturing

By entering into a definitive purchase agreement with a syndicate of initial purchasers, Griffon formalized its $800 million senior notes offering. The 6.25% notes due 2034 will refinance the entire $975 million of 5.75% notes due 2028, extending maturities and locking in a higher coupon. This transaction is part of a broader capital structure overhaul following recent joint venture closings and debt repayments, and it reduces near-term refinancing risk despite the increased interest cost.