Griffon Corp Files 8-K for Material Definitive Agreement

TL;DR

GRIFFON just filed an 8-K for a material definitive agreement - check the details.

AI Summary

On June 26, 2024, Griffon Corporation entered into a Material Definitive Agreement related to a direct financial obligation. The company, incorporated in Delaware with its principal executive offices at 712 Fifth Avenue, New York, NY, filed this 8-K report to disclose this event. This filing is a standard disclosure for significant financial events.

Why It Matters

This filing indicates Griffon Corporation has entered into a significant financial agreement, which could impact its financial obligations and future operations.

Risk Assessment

Risk Level: low — This is a routine filing to disclose a material definitive agreement, which is standard corporate practice and does not inherently indicate increased risk.

Key Players & Entities

• Griffon Corporation (company) — Registrant
• June 26, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• 712 Fifth Avenue, New York, New York 10019 (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.25 — ge on Which Registered Common Stock, $0.25 par value per share GFF New York Stock

Filing Documents

• c109206_8k-ixbrl.htm (8-K) — 24KB
• c109206_ex10-1.htm (EX-10.1) — 1013KB
• c109206_ex99-1.htm (EX-99.1) — 15KB
• x1_c109206x146x1.jpg (GRAPHIC) — 30KB
• 0000930413-24-001945.txt ( ) — 1460KB
• gff-20240626.xsd (EX-101.SCH) — 3KB
• gff-20240626_def.xml (EX-101.DEF) — 10KB
• gff-20240626_lab.xml (EX-101.LAB) — 19KB
• gff-20240626_pre.xml (EX-101.PRE) — 11KB
• c109206_8k-ixbrl_htm.xml (XML) — 3KB

01

Item 1.01. Entry into a Material Definitive Agreement. On June 26, 2023, Griffon Corporation entered into a second amendment (the "Amendment") to its fifth amended and restated credit agreement (as amended, the "Credit Agreement"), by and among Bank of America, N.A., as administrative agent, and the other lenders party to the Credit Agreement. The Amendment Refinances and replaces the existing senior secured term loans outstanding under the Credit Agreement with new term loans (the "Term Loan B") on substantially identical terms, except as otherwise set forth below. Reduces the Term Loan B interest rate spread above the Secured Overnight Financing Rate ("SOFR") or Alternate Base Rate for each tier of the secured net pricing grid, by 25 basis points. Based on the current tier of the pricing grid, this reduces the interest rate spread for SOFR loans from 2.50% to 2.25%. Removes the credit spread adjustment ("CSA") applicable to the Term Loan B which, prior to the Amendment, could range from 10 to 25 basis points. The CSA was 15 basis points prior to the Amendment. Provides that if Griffon prepays all or a portion of the Term Loan B within six months after the date of the Amendment, Griffon will be required to pay a premium equal to 1% of the amount prepaid. Reduces the applicable SOFR floor from 50 basis points to 0 basis points. The Credit Agreement also provides for a revolving loan facility, which remains unchanged. A copy of the Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment.

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant. The information contained in Item 1.01 of this current report on Form 8-K is incorporated by reference in this Item 2.03.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits . 10.1 Second Amendment to Fifth Amended and Restated Credit Agreement, dated as of January 24, 2022, by and among Griffon Corporation, Bank of America, N.A., as administrative agent, and the several banks and other financial institutions or entities from time to time parties thereto, dated June 26, 2024. 99.1 Press Release, dated June 26, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GRIFFON CORPORATION By: /s/ Seth L. Kaplan Seth L. Kaplan Senior Vice President Date: June 26, 2024

View Full Filing

View this 8-K filing on SEC EDGAR