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Griffon marketing $150 million tap of 5¾% notes due 2028; initial price talk 99.25 area
By Paul A. Harris
Portland, Ore., June 8 – Griffon Corp. is in the market with a $150 million add-on to its 5¾% senior notes due March 1, 2028 (existing ratings B2/B+) scheduled to be shopped on a late Monday morning conference call with investors, according to market sources.
Initial price talk is in the 99.25 area, a trader said.
BofA Securities Inc., Deutsche Bank Securities Inc. and BNP Paribas Securities Corp. are the joint bookrunners.
Wells Fargo Securities LLC, Capital One Securities Inc., Citizens Capital Markets Inc., KeyBanc Capital Markets LLC, Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc. and BMO Capital Markets Corp. are the co-managers.
The Rule 144A and Regulation S with registration rights add-on notes become callable on March 1, 2023 at 102.875.
The New York-based diversified management company plans to use the proceeds plus cash on hand to redeem all $150 million of its 5¼% senior notes due 2022.
The original $850 million issue of 5¾% notes due 2028 priced in February 2020.
Upon registration the add-on notes will become fungible with the original notes.
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