Clopay gets $100 million revolver

By Sara Rosenberg

New York, June 27 - Clopay Building Products Co. Inc. and Clopay Plastic Products Co. Inc. closed on a new $100 million five-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Friday.

JPMorgan acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on June 24.

Pricing on the revolver can range from Libor plus 225 basis points to 275 bps based on availability, with initial pricing set at Libor plus 250 bps.

Borrowings of about $33 million were used to refinance an existing lease obligation for certain property, plant and equipment.

Clopay Building Products is a manufacturer of residential garage doors and a supplier of industrial and commercial sectional doors. Clopay Plastic Products is a developer and producer of embossed barrier and breathable plastic films for the health care and hygienic markets as well as specialty graphics arts films. The Mason, Ohio-based companies are wholly-owned subsidiaries of Griffon Corp.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.