Griffon raises $500 million term loan pricing to Libor plus 600 bps

By Sara Rosenberg

New York, Aug. 18 - Griffon Corp. increased pricing on its $500 million six-year term loan (B2) to Libor plus 600 basis points from Libor plus 450 bps to 500 bps, according to a market source.

As before, the term loan has a 1.75% Libor floor and is being offered at an original issue discount of 98.

Also, the company downsized its four-year ABL revolver (Ba2) to $100 million from $150 million, the source said.

Goldman Sachs is the lead arranger on the term loan, and JPMorgan is the lead on the revolver.

Proceeds will be used to help fund the acquisition of Ames True Temper Inc. from Castle Harlan Inc. for a total consideration of $542 million.

The acquisition is expected to close by Sept. 30.

Griffon is a New York-based manufacturing company. Ames True Temper is a Camp Hill, Pa.-based manufacturer and marketer of non-powered lawn and garden tools, wheelbarrows and other outdoor work products.

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