Griffon amends, restates revolver, upsizing capacity to $350 million

By Wendy Van Sickle

Columbus, Ohio, March 22 – Griffon Corp. increased its revolving credit facility by $100 million to $350 million and extended its maturity to March 22, 2021 under a Tuesday amendment and restatement, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated revolver includes a letter of credit subfacility with a limit of $50 million and a multicurrency subfacility of $50 million. It also has an accordion feature permitting the facility to be increased by up to an additional $50 million with lender approval.

The company may request to extend the maturity of some or all of the commitments.

Previously, the revolver had been set to expire on March 13, 2020.

Current interest is Libor plus 225 basis points. The margin above Libor can range from 125 bps to 250 bps, depending on leverage. The commitment fee is initially 35 bps and can range from 15 bps to 40 bps.

JPMorgan Chase Bank, NA is the bookrunner, lead arranger and administrative agent; Deutsche Bank Securities Inc. and Wells Fargo Bank, NA the co-syndication agents; and Bank of America, NA, Capital One, NA and Citizens Bank, NA the co-documentation agents.

Proceeds may be used for working capital, general corporate purposes and to repay existing credit agreements.

Griffon is a New York-based management and holding company that conducts its business through three segments: home and building products, telephonics and plastics.

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