Griffon Co.

Griffon privately issued $800 million of senior unsecured notes with a 6.25% coupon due 2034, guaranteed by certain domestic subsidiaries. The company also extended the maturity of its credit facility to August 18, 2031; revolving loans remain available up to $500 million, with an $125 million letter-of-credit sub-facility and a $200 million foreign-currency sub-facility. Interest on the amended facility is based on SOFR or a base rate plus a margin grid (initially SOFR plus 1.75% or base plus 0.75%). Griffon also announced the repayment of its outstanding 5.75% notes due 2028; the amended facility is secured by substantially all of the group's assets. » More on de.investing.com

Moody’s has raised Griffon’s corporate family rating from Ba3 to Ba2 and assigned a Ba3 rating to planned senior unsecured notes of over $800 million (maturing 2034). It also upgraded the rating on existing senior notes due 2028 from B1 to Ba3; the Term Loan B and revolving credit facility were withdrawn after repayment/refinancing. The action follows substantially lower leverage thanks to sale proceeds from the AMES divestiture and strong free cash flow, allowing Griffon to lower its net leverage target. Moody’s expects an adjusted leverage ratio of about 2.4x for 2026 with further improvement over the next 12–18 months; the outlook is stable. » More on de.investing.com

S&P Global Ratings raised Griffon’s issuer rating from BB- to BB after the company used proceeds from asset sales to reduce debt and pledged a more conservative financial policy. S&P also rated a planned $500m revolving credit facility BBB- and $800m of senior unsecured notes BB. The agency expects Griffon to keep adjusted leverage below 3x over the long term and forecasts EBITDA margins above 25%, which leaves the outlook stable. After the refinancing is completed, S&P plans to withdraw the ratings on existing debt securities. » More on de.investing.com

Griffon’s stock fell 1.7% after the company announced a private placement of $800 million in senior notes due 2034. Proceeds, together with cash and funds from a revolving credit facility, are to be used to repay existing 5.75% senior notes due 2028 and to cover related costs. The new notes will be unsecured and guaranteed by certain domestic subsidiaries; the closing is subject to customary market conditions and is expected to coincide with the closing or replacement of the revolving credit facility. » More on de.investing.com

Three senior Griffon executives, including CFO Brian G. Harris, sold shares into the post-earnings rally; Harris sold 11,050 shares for about $1.1 million and retains roughly 139,000 shares valued at $14.28 million. The sales coincided with a report showing Q3 revenue up 7% to $481 million, adjusted EPS of $1.51 and reaffirmed full-year targets of $1.8 billion revenue and $458 million adjusted EBITDA. Griffon has repurchased over 12 million shares since April 2023, and the stock has risen about 50% over the past year, jumping 10% on the earnings day and another 3% the following trading day. » More on finance.yahoo.com