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S&P revises Griffon note recovery to 4
S&P said it affirmed its BB- issue-level rating on Griffon Corp.'s $600 million 5¼% senior unsecured notes due 2022, which are being increased to $700 million via a $100 million add-on, issued under its existing indenture.
The recovery rating was revised to 4 from 3, indicating an expectation of average (30%-50%; at the lower end of the range) recovery in the event of default.
The company plans to use the proceeds to pay down existing borrowings on its $350 million senior secured revolving credit facility due 2021 and to provide future liquidity for general corporate purposes.
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