Griffon repurchases $15.1 million convertibles at discount, sees $700,000 pre-tax gain

By Devika Patel

Knoxville, Tenn., May 7 - Griffon Corp. bought back $15.1 million of its convertible notes from certain noteholders in April for $14.3 million, according to a company earnings report.

Griffon said that this will result in a net pre-tax gain of about $700,000 in the third quarter of fiscal 2009. There are $79.4 million of the notes outstanding after this repurchase.

The diversified manufacturing company is based in Jericho, N.Y.

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