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Griffon tenders, seeks consents for $550 million 7 1/8% notes due 2018
By Susanna Moon
Chicago, Feb. 12 - Griffon Corp. said it began a cash tender offer and consent solicitation for its $550 million principal amount of 7 1/8% senior notes due 2018.
The total purchase price will be $1,058.44 per $1,000 principal amount of notes tendered by 5 p.m. ET on Feb. 26, the consent date.
The total payment includes an early tender consent payment of $7.50 per $1,000 principal amount.
Holders who tender their notes after the consent date will receive $1,050.94 per $1,000 of notes.
The company also will pay accrued interest up to but excluding the payment date.
The offer will end at 11:59 p.m. ET on March 12.
Griffon also is soliciting consents to eliminate substantially all of the restrictive covenants and events of default and related provisions, which requires consents from holders of at least a majority of the notes.
The offer will be funded with proceeds from a new senior notes offering and cash on hand, according to a company press release.
Holders who tender their notes will be deemed to deliver their consents, and they may not deliver consents without tendering their notes.
Tendered notes may not be withdrawn after the date on which the minimum consents condition has been satisfied.
The offer is conditioned on obtaining consents from holders of at least a majority of the notes and the completion of a $550 million notes offering.
Deutsche Bank Securities Inc. (212 250-7527 collect or 855 287-1922) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (888 869-7406) is the tender agent and information agent.
Griffon is a New York-based management and holding company that conducts its business through three segments: home and building products, telephonics and plastics.
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