Griffon lifts term loan B to $800 million, lowers price talk

By Sara Rosenberg

New York, Jan. 18 – Griffon Corp. upsized its seven-year covenant-lite term loan B to $800 million from $750 million and reduced price talk to a range of SOFR+CSA plus 300 basis points to 325 bps from SOFR+CSA plus 350 bps, according to a market source.

Also, the original issue discount talk on the term loan was changed to the 99.5 area from a range of 99 to 99.5, the source said.

The term loan still has a 0.5% floor, CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and 101 soft call protection for six months.

BofA Securities Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the leads on the deal.

Commitments are due at noon ET on Wednesday, accelerated from noon ET on Thursday, the source added.

Proceeds will be used to help fund the $845 million acquisition of Hunter Fan Co. from MidOcean Partners.

Closing is expected during the week of Jan. 24.

Griffon is a New York-based diversified management and holding company that conducts business through wholly owned subsidiaries. Hunter Fan is a Memphis-based designer and distributor of residential ceiling, commercial and industrial fans.

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