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Griffon tenders for up to $800 million of 5¼% senior notes due 2022
By Sarah Lizee
Olympia, Wash., Feb. 4 – Griffon Corp. launched a cash tender offer for up to $800 million of 5¼% senior notes due 2022 (Cusip: 398433AH5), according to a press release.
The tender offer will expire at 11:59 p.m. ET on March 3.
Holders who validly tender their notes prior to the early tender deadline of 5 p.m. ET on Feb. 18 will receive, subject to the tender cap, $1,001.25 per $1,000 principal amount of notes, which includes an early tender consent payment of $20.00 per $1,000 principal amount of notes, plus any accrued interest up to but excluding the payment date.
Holders of notes tendered after the early tender deadline will not receive an early tender payment.
Notes tendered may not be withdrawn after the early tender deadline.
The tender offer is subject to conditions, including, Griffon receiving at least $800 million in gross proceeds from new notes.
Griffon also issued a conditional notice of redemption to redeem up to $800 million of the notes only if and to the extent that less than $800 million of the notes are repurchased under the tender offer, and Griffon has issued at least $800 million of new notes.
The dealer manager is BofA Securities, Inc. (980 387-9534 collect or 888 292-0070 toll free).
The tender agent and information agent is D.F. King & Co., Inc. (212 269-5550 banks and brokers, 800 591-6313 all others or griffon@dfking.com).
Griffon expects to fund the tender offer with proceeds from the new senior note offering and cash on hand.
Griffon operates in three main segments: consumer and professional products, home and building products, and defense electronics.
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