Griffon lifts revolving facility to $400 million, extends to 2025

By Sarah Lizee

Olympia, Wash., Jan. 30 – Griffon Corp. amended and restated its revolving credit facility to increase the size to $400 million from $350 million and extend the maturity to March 22, 2025 from March 22, 2021, according to a press release.

Bank of America is the administrative agent.

The revolver contains a $100 million letter-of-credit sub-facility, which was increased from $50 million, and a $200 million foreign currency sub-facility, which was increased from $100 million.

There is a $100 million accordion feature that was increased from $50 million.

Initial pricing is Libor plus 200 basis points. The margin varies depending on Griffon’s leverage ratio.

There are customary financial and other affirmative covenants, negative covenants and events of default.

If the company’s 5¼% senior notes are not refinanced prior to Dec. 1, 2021, the revolver will mature on that date.

Griffon is a New York-based diversified management and holding company with operations in the home and building products and defense electronics segments.

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