Griffon Corporation Closes $125 Million Add-On Senior Notes Offering

Griffon Corporation GFF revealed that it closed the add-on offering of $125 million aggregate principal amount of 5.25% senior notes due 2022 as announced earlier. According to the company, the offering was through an unregistered a private placement. Griffon said that the New Notes were issued under the same indenture of the earlier issued $600.0 million aggregate principal amount of its 5.25% Senior Notes due 2022. The company added that the New Notes offered by it have identical terms, other than the issue date, the issue price and the first interest payment date. The company said that the Notes would be treated as a single class of notes with the Existing Notes for all purposes under the Indenture. However, it would not be fungible with or have the same CUSIP and ISIN numbers as the Existing Notes. Griffon disclosed that it plans to use the proceeds of the offering to repay a part of its outstanding borrowings under its revolving credit facility and for the payment of related fees and expenses. The company indicated that it might re-borrow amounts repaid under its revolving credit facility for general corporate purposes. That included to fund acquisitions, as well as, shares buybacks. On Wednesday, the stock traded 0.94 percent up.