Personal Technology
Griffon Prices $100 Million Debt Offering
NEW YORK (AP) — Griffon Corp. said Wednesday that it has priced an offering of $100 million of convertible subordinated notes to institutional buyers.
The notes due in 2017 will be payable semiannually at a rate of 4 percent and will be convertible into shares of Griffon's common stock. The initial conversion price amounts to $14.91 per share. The offering closes Dec. 21, but the communications and electronic information, building products and specialty plastics business said that initial purchasers will be granted a 30-day option to purchase up to $15 million more debt. Griffon plans to add the proceeds to its $321 million corporate cash balance. Shares of Griffon fell 8 cents to $12.04 in midday trading.TheStreet Premium Services
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