Griffon Prices $800M Senior Notes at 6.25% to Refinance 2028 Debt
GFF sits 61% above its 52-week low of $65.01.
Summary
Griffon priced an $800 million senior notes offering due 2034 at a 6.25% coupon, up from the 5.75% rate on the $975 million 2028 notes it will redeem. The deal, expected to close August 18, extends maturities and locks in a modestly higher rate. Proceeds, combined with cash and revolver borrowings, cover the redemption and fees. This follows the August 4 JV close that brought in $181 million cash and the Q3 report showing raised EBITDA guidance. The refinancing strengthens the balance sheet after recent deleveraging moves.
At the time of this announcement, GFF was trading at $104.80 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $65.01 to $108.57. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.