S&P assigns Griffon notes B+

S&P said it assigned its B+ issue-level rating and 4 recovery rating to Griffon Corp.'s $800 million of senior unsecured notes due 2028. The 4 recovery rating indicates the expectation for average recovery (30%-50%; rounded estimate: 30%) in the event of a payment default.

The company intends to use the proceeds, together with cash on hand, to repay up to $800 million of its 5¼% senior unsecured notes due 2022 ($1 billion outstanding) as well as any related fees and expenses.

All of S&P’s other ratings on Griffon remain unchanged.

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