Griffon Corporation Announces New Credit Facility

Griffon Corporation (“Griffon” or the “Company”) (NYSE:GFF) announced today that it amended and restated its revolving credit facility (the "New Credit Facility") to increase the size of the facility from $350 million to $400 million and extend maturity from March 22, 2021 to March 22, 2025.

Bank of America acts as administrative agent under the New Credit Facility, which provides for revolver borrowings in an aggregate principal amount of up to $400 million, and contains a $100 million letter of credit sub-facility (increased from $50 million), and a $200 million foreign currency sub-facility (increased from $100 million). The New Credit Facility also has a $100 million accordion feature (increased from $50 million), exercisable if new or existing lenders agree to provide or increase their commitments. Griffon may elect to pay interest based on either a LIBOR or base benchmark rate plus an applicable margin that depends on Griffon’s leverage ratio. Initial pricing is LIBOR plus 2.00% or base rate plus 1.00%. The New Credit Facility is guaranteed by Griffon’s material domestic subsidiaries and is secured by substantially all the assets of Griffon and its material domestic subsidiaries. The New Credit Facility also contains customary financial and other affirmative covenants, negative covenants and events of default. If the Company’s 5.25% senior notes are not refinanced prior to December 1, 2021, the New Credit Facility will mature on that date.

Commenting on the New Credit Facility, Ronald J. Kramer, Chairman and Chief Executive Officer, said, “The closing of our new revolving credit facility provides us with improved financial and operating flexibility that will support our working capital requirements and positions us to continue to grow our Company.”

About Griffon Corporation

Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.

Griffon currently conducts its operations through three reportable segments:

CPP conducts its operations through AMES. Founded in 1774, AMES is the leading North American manufacturer and a global provider of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including True Temper, AMES, and ClosetMaid.

HBP conducts its operations through Clopay. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the CornellCookson brand.

Defense Electronics conducts its operations through Telephonics Corporation, founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.

For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com.

Contacts

Company:
Brian G. Harris
SVP & Chief Financial Officer
Griffon Corporation
(212) 957-5000

Investor Relations:

Michael Callahan
Managing Director
ICR Inc.
(203) 682-8311