Griffon Corporation announced that it has completed a favorable repricing of the outstanding balance of $459 million of its Secured Term Loan B facility (?Term Loan B?), which matures in January 2029. The spread above the Secured Overnight Financing Rate (?SOFR?) will be reduced by 25 basis points and the Credit Spread Adjustment (?CSA?) will be removed. The repricing also reduces the applicable SOFR floor from 50 to 0 basis points.

All other terms are substantially unchanged. The Company estimates the Term Loan B repricing will result in savings of $1.8 million of annual cash interest expense based on current outstanding balance. Bank of America, N.A. acted as administrative agent.

The pricing of each tier of the secured net leverage grid will be reduced by 25 basis points and the CSA, which ranges between 10 and 25 basis points, will be removed. The current rate is SOFR plus a credit spread of 250 basis points plus the CSA; the rate will now be reduced to SOFR plus a 225 basis point credit spread with no CSA.