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S&P rates Griffon notes B+
S&P said it assigned a B+ rating and 4 recovery rating to Griffon Corp.'s $500 million senior notes due 2027.
The 4 recovery rating indicates 30% to 50% expected default recovery.
The proceeds will be used to repay a portion of its existing 5¼% senior notes due 2022.
The issuer credit rating on Griffon remains at B+ with a stable outlook.
The BB credit rating and 1 recovery rating on the company's $350 million revolving credit facility also are unchanged. The 1 recovery rating indicates 90% to 100% expected default recovery.
Griffon is a diversified management and holding company, conducting business through its wholly owned subsidiaries in the home and building products and defense electronics industries, S&P said.
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