Speculating in Takeover Targets Message Board

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Strategies & Market Trends : Speculating in Takeover Targets

ULBI 6.443

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Feb 6 9:30 AM EST

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To: richardred who started this subject	7/15/2003 4:47:00 PM
From: richardred	Read Replies (1) of 7265

GFF-JERICHO, N.Y. (Dow Jones)--Griffon Corp.'s (GFF) priced a private offering of $125 million of contingent convertible subordinated notes due 2023. In a press release Tuesday, the company said it plans to use the proceeds to repay $49 million of revolving credit debt and to repurchase about 3.1 million common shares for $50 million, or $16.30 a share. The offering has an overallotment option for up to $25 million additional notes. The notes will pay interest of 4% a year. If certain contingencies are met, the notes will pay additional interest of 0.5% a year beginning in 2010, and the notes may be converted into Griffon common shares at a conversion price of $24.13 a share. The conversion price represents a 48% premium to the stock's closing price of $16.30 on Monday. Shortly after 10:30 a.m. EDT Tuesday, Griffon's New York Stock Exchange-listed shares traded at $16.60, up 30 cents, or 1.8%, on composite volume of 189,000, almost one-and-a-half times the average daily trading volume. - Nora Devine; Dow Jones Newswires; 201-938-5400 (END) Dow Jones Newswires

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