Griffon Corporation Successfully Completes Term Loan B Repricing
2024年6月27日 - 5:01AM
ビジネスワイヤ(英語)
Griffon Corporation (“Griffon” or the “Company”) (NYSE: GFF)
announced today that it has completed a favorable repricing of the
outstanding balance of $459 million of its Secured Term Loan B
facility (“Term Loan B”), which matures in January 2029. The spread
above the Secured Overnight Financing Rate (“SOFR”) will be reduced
by 25 basis points and the Credit Spread Adjustment (“CSA”) will be
removed. The repricing also reduces the applicable SOFR floor from
50 to 0 basis points. All other terms are substantially unchanged.
The Company estimates the Term Loan B repricing will result in
savings of $1.8 million of annual cash interest expense based on
current outstanding balance.
Commenting on the amendment, Ronald J. Kramer, Chairman and
Chief Executive Officer, said, “This opportunistic repricing of the
Term Loan B reflects Griffon’s strong balance sheet and operational
results and reduces the cost of our debt.”
Bank of America, N.A. acted as administrative agent. The pricing
of each tier of the secured net leverage grid will be reduced by 25
basis points and the CSA, which ranges between 10 and 25 basis
points, will be removed. The current rate is SOFR plus a credit
spread of 250 basis points plus the CSA; the rate will now be
reduced to SOFR plus a 225 basis point credit spread with no
CSA.
About Griffon
Corporation
Griffon Corporation is a diversified management and holding
company that conducts business through wholly-owned subsidiaries.
Griffon oversees the operations of its subsidiaries, allocates
resources among them and manages their capital structures. Griffon
provides direction and assistance to its subsidiaries in connection
with acquisition and growth opportunities as well as divestitures.
In order to further diversify, Griffon also seeks out, evaluates
and, when appropriate, will acquire additional businesses that
offer potentially attractive returns on capital.
Griffon conducts its operations through two reportable
segments:
- Home and Building Products ("HBP") conducts its
operations through Clopay. Founded in 1964, Clopay is the largest
manufacturer and marketer of garage doors and rolling steel doors
in North America. Residential and commercial sectional garage doors
are sold through professional dealers and leading home center
retail chains throughout North America under the brands Clopay,
Ideal, and Holmes. Rolling steel door and grille products designed
for commercial, industrial, institutional, and retail use are sold
under the Cornell and Cookson brands.
- Consumer and Professional Products (“CPP”) is a leading
global provider of branded consumer and professional tools;
residential, industrial and commercial fans; home storage and
organization products; and products that enhance indoor and outdoor
lifestyles. CPP sells products globally through a portfolio of
leading brands including AMES, since 1774, Hunter, since 1886, True
Temper, and ClosetMaid.
For more information on Griffon and its operating subsidiaries,
please see the Company’s website at www.griffon.com.
Forward-looking
Statements
“Safe Harbor” Statements under the Private Securities Litigation
Reform Act of 1995: All statements related to, among other things,
income (loss), earnings, cash flows, revenue, changes in
operations, operating improvements, , the industries in which
Griffon Corporation (the “Company” or “Griffon”) operates and the
United States and global economies that are not historical are
hereby identified as “forward-looking statements” and may be
indicated by words or phrases such as “anticipates,” “supports,”
“plans,” “projects,” “expects,” “believes,” "achieves", “should,”
“would,” “could,” “hope,” “forecast,” “management is of the
opinion,” “may,” “will,” “estimates,” “intends,” “explores,”
“opportunities,” the negative of these expressions, use of the
future tense and similar words or phrases. Such forward-looking
statements are subject to inherent risks and uncertainties that
could cause actual results to differ materially from those
expressed in any forward-looking statements. These risks and
uncertainties include, among others: current economic conditions
and uncertainties in the housing, credit and capital markets;
Griffon’s ability to achieve expected savings and improved
operational results from cost control, restructuring, integration
and disposal initiatives (including, in particular, the expanded
CPP global outsourcing strategy announced in May 2023); the ability
to identify and successfully consummate, and integrate,
value-adding acquisition opportunities; increasing competition and
pricing pressures in the markets served by Griffon’s operating
companies; the ability of Griffon’s operating companies to expand
into new geographic and product markets, and to anticipate and meet
customer demands for new products and product enhancements and
innovations; increases in the cost or lack of availability of raw
materials such as steel, resin and wood, components or purchased
finished goods, including any potential impact on costs or
availability resulting from tariffs; changes in customer demand or
loss of a material customer at one of Griffon’s operating
companies; the potential impact of seasonal variations and
uncertain weather patterns on certain of Griffon’s businesses;
political events or military conflicts that could impact the
worldwide economy; a downgrade in Griffon’s credit ratings; changes
in international economic conditions including inflation, interest
rate and currency exchange fluctuations; the reliance by certain of
Griffon’s businesses on particular third party suppliers and
manufacturers to meet customer demands; the relative mix of
products and services offered by Griffon’s businesses, which
impacts margins and operating efficiencies; short-term capacity
constraints or prolonged excess capacity; unforeseen developments
in contingencies, such as litigation, regulatory and environmental
matters; Griffon’s ability to adequately protect and maintain the
validity of patent and other intellectual property rights; the
cyclical nature of the businesses of certain of Griffon’s operating
companies; possible terrorist threats and actions and their impact
on the global economy; effects of possible IT system failures, data
breaches or cyber-attacks; the impact of COVID-19, or some other
future pandemic, on the U.S. and the global economy, including
business disruptions, reductions in employment and an increase in
business and operating facility failures, specifically among our
customers and suppliers; Griffon’s ability to service and refinance
its debt; and the impact of recent and future legislative and
regulatory changes, including, without limitation, changes in tax
laws. Such statements reflect the views of the Company with respect
to future events and are subject to these and other risks, as
previously disclosed in the Company’s Securities and Exchange
Commission filings. Readers are cautioned not to place undue
reliance on these forward-looking statements. These forward-looking
statements speak only as of the date made. Griffon undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240626824626/en/
Company Contact Brian G. Harris SVP
& Chief Financial Officer Griffon Corporation (212) 957-5000
IR@griffon.com
Investor Relations Contact Michael
Callahan Managing Director ICR Inc. (203) 682-8311
Griffon (NYSE:GFF)
過去 株価チャート
から 5 2024 まで 6 2024
Griffon (NYSE:GFF)
過去 株価チャート
から 6 2023 まで 6 2024