Griffon repurchases $35.5 million 4% convertibles at discount

By Jennifer Chiou

New York, Nov. 20 - Griffon Corp. said it bought back $35.5 million of its 4% convertible notes due 2023 from certain noteholders in October for $28.4 million.

Griffon said that this will result in a pre-tax gain from the early extinguishment of debt of $7.1 million in the first quarter of fiscal 2009.

The Jericho, N.Y., diversified manufacturing company issued $125 million of the convertibles on July 18, 2003 with a $25 million greenshoe.

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