Griffon Corporation announced that it amended and restated its revolving 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."