Griffon to sell $500 million eight-year notes in Thursday drive-by; initial talk 6 3/8% area

By Paul A. Harris

Portland, Ore., May 9 – Griffon Corp. plans to price a $500 million offering of eight-year senior notes (expected ratings B2/B+) in a quick-to-market Thursday trade following a mid-morning conference call with investors, according to market sources.

Initial talk has the deal shaping up with a yield in the 6 3/8% area.

Deutsche Bank Securities Inc. has the books.

The Rule 144A and Regulation S with registration rights notes come with three years of call protection.

The New York-based conglomerate plans to use the proceeds to repay its 5¼% notes due 2022.

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