Griffon cuts Term Loan B rate spread by 25 basis points and removes CSA
Griffon amended its credit agreement to reprice its $459 million Term Loan B, lowering the SOFR spread from 2.50% to 2.25%, removing the credit spread adjustment, and reducing the SOFR floor from 50 to 0 basis points. The company estimates the change will save $1.8 million in annual cash interest expense based on the current balance. Shareholders may see lower borrowing costs, but prepaying the loan within six months of the amendment would require a premium of 1% of the amount prepaid.
Key points
- Outstanding Term Loan B balance of $459 million, maturing January 2029
- SOFR spread reduced from 2.50% to 2.25%; credit spread adjustment of 15 basis points removed
- Estimated annual cash interest savings of $1.8 million based on current outstanding balance
- Prepayment within six months of the amendment triggers a premium of 1% of the amount prepaid
The filing
Written by AI on Nov 8, 2026, 1:00 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 26, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.