Griffon closed the sale of its AMES Australasia business to a joint venture led by management, receiving AUD 258 million in cash and an AUD 69.3 million subordinated PIK note at closing. To finalize the transaction, Griffon executed a side letter to the Share Sale Agreement enabling novation of certain rights, advancement of financing fees for later reimbursement, and a brief delay in appointing an independent TopCo director. The PIK note carries 10% PIK interest and matures between six and ten years, subordinated to the JV's senior debt. These steps complete the JV formation and align financing and governance for the post-close period.
Agreement 1: Griffon Finalizes AMES Australasia JV With Side Letter to Share Sale Agreement
- Agreement type: Side letter to Share Sale Agreement for AMES Australasia joint venture
- Counterparty: HupCo ParentCo and HupCo Holdings
- Signed / Effective: Jul 31 2026 / same
- Duration / Termination: At will
- Reason: Facilitate JV closing and post-closing arrangements
Agreement 2: Griffon Receives AUD 69.3 Million Subordinated PIK Note From HupCo TopCo
- Agreement type: Subordinated payment-in-kind note
- Counterparty: HupCo TopCo
- Signed / Effective: Jul 31 2026 / same
- Duration / Termination: 6–10 years, subject to senior facility
- Reason: Part of consideration for AMES Australasia sale
Original SEC Filing:
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