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NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details)
0 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 1 Months Ended 1 Months Ended 3 Months Ended
Feb. 14, 2014
Jul. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
loan
Nov. 30, 2012
Oct. 31, 2006
USD ($)
Mar. 31, 2014
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2013
USD ($)
Sep. 30, 2012
USD ($)
Oct. 21, 2013
property
Sep. 30, 2014
Northcote Holdings Pty. Ltd [Member]
USD ($)
line_of_credit
May 31, 2014
Northcote Holdings Pty. Ltd [Member]
loan
Sep. 30, 2014
Revolver due 2019 [Member]
USD ($)
Sep. 30, 2014
Letter Of Credit Subfacility [Member]
Revolver due 2019 [Member]
USD ($)
Feb. 14, 2014
Letter Of Credit Subfacility [Member]
Revolver due 2019 [Member]
USD ($)
Feb. 14, 2014
Multicurrency Subfacility [Member]
Revolver due 2019 [Member]
USD ($)
Feb. 14, 2014
Swingline Subfacility [Member]
Revolver due 2019 [Member]
USD ($)
Feb. 14, 2014
Margin Rate [Member]
Revolver due 2019 [Member]
Feb. 14, 2014
LIBOR Rate [Member]
Dec. 21, 2009
Convert. debt due 2017 [Member]
Sep. 30, 2014
Convert. debt due 2017 [Member]
USD ($)
Sep. 30, 2013
Convert. debt due 2017 [Member]
USD ($)
Dec. 21, 2009
Convert. debt due 2017 [Member]
USD ($)
Sep. 30, 2014
Convert. debt due 2017 [Member]
Level 1 [Member]
USD ($)
Sep. 30, 2014
ESOP Loans [Member]
USD ($)
Oct. 31, 2006
Capital lease - real estate [Member]
USD ($)
Sep. 30, 2014
Capital lease - real estate [Member]
USD ($)
Sep. 30, 2013
Capital lease - real estate [Member]
USD ($)
Sep. 30, 2012
Capital lease - real estate [Member]
Sep. 30, 2014
Senior notes [Member]
Level 1 [Member]
USD ($)
Feb. 27, 2014
Senior notes [Member]
Senior note due 2022 [Member]
USD ($)
Feb. 27, 2014
Senior notes [Member]
Senior note due 2022 [Member]
Senior notes due 2018 [Member]
USD ($)
Feb. 27, 2014
Senior notes [Member]
Senior note due 2022 [Member]
Senior notes due 2018 [Member]
USD ($)
Sep. 30, 2014
Senior notes due 2018 [Member]
USD ($)
Sep. 30, 2013
Senior notes due 2018 [Member]
USD ($)
Sep. 30, 2012
Senior notes due 2018 [Member]
Sep. 30, 2014
Revolver due 2019 [Member]
USD ($)
Feb. 14, 2014
Revolver due 2019 [Member]
USD ($)
Sep. 30, 2013
Revolver due 2019 [Member]
USD ($)
Oct. 21, 2013
Real estate mortgages [Member]
Sep. 30, 2014
Real estate mortgages [Member]
USD ($)
Sep. 30, 2013
Real estate mortgages [Member]
USD ($)
Sep. 30, 2012
Real estate mortgages [Member]
Oct. 21, 2013
Real estate mortgages [Member]
USD ($)
Sep. 30, 2014
ESOP Loans [Member]
USD ($)
Sep. 30, 2013
ESOP Loans [Member]
USD ($)
Sep. 30, 2012
ESOP Loans [Member]
Sep. 30, 2010
ESOP Loans [Member]
Nov. 30, 2010
Revolver due 2013 [Member]
EUR (€)
Sep. 30, 2013
Revolver due 2013 [Member]
Sep. 30, 2012
Revolver due 2013 [Member]
Sep. 30, 2014
Revolver due 2013 [Member]
USD ($)
Nov. 30, 2010
Term Loan [Member]
EUR (€)
Dec. 31, 2013
Term Loan [Member]
Northcote Holdings Pty. Ltd [Member]
AUD
Sep. 30, 2014
Non U.S. term loans [Member]
USD ($)
Sep. 30, 2013
Non U.S. term loans [Member]
USD ($)
Sep. 30, 2014
Non U.S. term loans [Member]
Brazilian CDI [Member]
Nov. 30, 2012
Non U.S. lines of credit [Member]
CAD
Sep. 30, 2014
Non U.S. lines of credit [Member]
CAD
Sep. 30, 2014
Non U.S. lines of credit [Member]
USD ($)
Sep. 30, 2013
Non U.S. lines of credit [Member]
USD ($)
Sep. 30, 2014
Non U.S. lines of credit [Member]
LIBOR Rate [Member]
Sep. 30, 2014
Non U.S. lines of credit [Member]
Bankers Acceptance Rate [Member]
Dec. 31, 2013
Non U.S. lines of credit [Member]
Line of Credit One [Member]
Northcote Holdings Pty. Ltd [Member]
Sep. 30, 2014
Non U.S. lines of credit [Member]
Line of Credit One [Member]
Northcote Holdings Pty. Ltd [Member]
AUD
May 31, 2014
Non U.S. lines of credit [Member]
Line of Credit Two [Member]
Northcote Holdings Pty. Ltd [Member]
Sep. 30, 2014
Non U.S. lines of credit [Member]
Line of Credit Two [Member]
Northcote Holdings Pty. Ltd [Member]
AUD
May 31, 2014
Term Loan May 2014 [Member]
Northcote Holdings Pty. Ltd [Member]
USD ($)
May 31, 2014
Term Loan May 2014 [Member]
Northcote Holdings Pty. Ltd [Member]
AUD
Dec. 31, 2013
Term Loan December 2013 and May 2014 [Member]
Northcote Holdings Pty. Ltd [Member]
Sep. 30, 2014
Term Loan December 2013 and May 2014 [Member]
Northcote Holdings Pty. Ltd [Member]
USD ($)
Sep. 30, 2012
Convertible Debt 2023 [Member]
USD ($)
NOTES PAYABLE, CAPITALIZED LEASES AND LONG-TERM DEBT (Details) [Line Items]                                                                                                                                                
Debt instrument exercised period             5 years                                                                                                                                  
Minimum payments under capital leases for 2015             $ 1,905,000                                                                                                                                  
Minimum payments under capital leases for 2016             1,878,000                                                                                                                                  
Minimum payments under capital leases for 2017             1,646,000                                                                                                                                  
Minimum payments under capital leases for 2018             1,514,000                                                                                                                                  
Minimum payments under capital leases for 2019             1,424,000                                                                                                                                  
Minimum payments under capital leases thereafter             3,063,000                                                                                                                                  
Capital leased assets, gross             16,446,000 15,304,000                                                                                                                                
Capital leases, lessee balance sheet, assets by major class, accumulated depreciation             6,755,000 5,460,000                                                                                                                                
Deferred interest charges             181,000 207,000                                                                                                                                
Capitalized leases interest rate minimum             5.00%                                                                                                                                  
Capitalized leases interest rate maximum             10.00%                                                                                                                                  
Capitalized leases maturity description             2015 through 2022                                                                                                                                  
Amortization             1,579,000 1,605,000 1,598,000                                                                                                                              
Proceeds from issuance of debt             691,943,000 303,000 4,000,000                                 14,290,000                                                                                            
Payments to acquire buildings         10,000,000                                                                                                                                      
Capital lease maturity year         2022                                                                                                                                      
Long-term debt, percentage bearing fixed interest, percentage rate         5.00%                                                                                                                                      
Minimum payments under debt agreements for 2015             7,886,000                                                                                                                                  
Minimum payments under debt agreements for 2016             33,332,000                                                                                                                                  
Minimum payments under debt agreements for 2017             4,531,000                                                                                                                                  
Minimum payments under debt agreements for 2018             104,442,000                                                                                                                                  
Minimum payments under debt agreements for 2019             57,402,000                                                                                                                                  
Minimum payments under debt agreements thereafter             614,978,000                                                                                                                                  
Debt instrument, face amount     21,098,000                                       100,000,000               600,000,000   550,000,000                     17,175,000                   12,500,000                             20,000,000      
Debt instrument, interest rate, stated percentage               4.00% 4.00%                           4.00%               5.25%   7.125% 7.125%                                                                            
Payment of tender offer premium             31,530,000                                                 31,530,000                                                                                
Debt instrument, periodic payment, interest                                                               16,716,000                                                                                
Notes payable, fair value disclosure                                               110,188,000           570,000,000                                                                                    
Underwriting fees and other expense capitalized             10,313,000                                                                                                                                  
Loss from debt extinguishment           24,964,000 38,890,000 0 0                                                 38,890,000                                                                            
Write off of deferred debt issuance cost             6,574,000                                                                                                                                  
Prepaid interest on defeased note on extinguishment of debt             786,000                                                                                                                                  
Line of credit facility, current borrowing capacity                             60,000,000 50,000,000                                           225,000,000                                                     3,000,000   5,000,000          
Proceeds from lines of credit                                 30,000,000                                                                                                              
Line of credit facility, interest rate during period                                   1.25% 2.25%                                                                                                          
Maximum percentage of equity interest of subsidiaries borrowings guaranteed 65.00%                                                                                                                                              
Line of credit facility, amount outstanding             0       0   25,000,000 18,929,000                                                                           0     3,306,000                               28,470,000  
Line of credit facility, remaining borrowing capacity                         181,071,000                                                                                                                      
Debt instrument, convertible, conversion ratio                                         68.4571                                                                                                      
Debt conversion, converted instrument, amount                                         1,000                                                                                                      
Debt instrument, convertible, conversion price (in Dollars per share)                                         $ 14.61                                                                                                      
Debt instrument, convertible, threshold percentage of stock price trigger                                       1.00%                                                                                                        
Last conversion price adjustment (in Dollars per share)                                         $ 0.06                                                                                                      
Potential conversion rate adjustment                                         0.52%                                                                                                      
Debt instrument, convertible, if-converted value in excess of principal                                         15,720,000 15,720,000                                                                                                    
Number of properties refinanced                   2                                                                                                                            
Debt instrument, maturity date                                                                               Oct. 31, 2018                                                                
Debt instrument, description of variable rate basis                                                                                 LIBOR plus 2.75%             The loan bears interest at a) LIBOR plus 2.38% or b) the lender’s prime rate, at Griffon’s option.     The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum.                                          
Debt instrument, basis spread on variable rate       1.30%                                                                       2.75%         2.38%       2.20%                             2.25%   2.50%       2.80%    
Long-term debt, gross             822,571,000 702,501,000                                 38,946,000   8,551,000 [1] 9,529,000 [2]             550,000,000 [3]   25,000,000 [4]   0 [3]   16,388,000 [5] 13,212,000 [6]     38,946,000 [2] 21,098,000 [5]                 28,470,000 [7] 3,115,000 [1]       3,306,000 [1] 4,606,000 [1]                      
Number of refinanced ESOP loan     2                                                                                                                                          
Number of new term loan refinance from ESOP loans     1                                                                                                                                          
Amount of line note available to purchase common stock in open market     10,000,000                                                                                                                                          
Share based compensation arrangement by share based payment award shares purchased for award value   10,000,000                                                                                                                                            
Debt instrument, periodic payment, principal                                                                                         506,000                                             625,000        
Debt instrument balloon payment                                                                                         30,137,000                                                      
Stock issued during period, shares, ESOP             1,591,117                                                                                                                                  
Stock issued during period, value, ESOP             20,000,000                                                                                                                                  
ESOP, weighted average purchase price of shares purchased (in Dollars per share)             $ 12.57                                                                                                                                  
Proceeds from long-term lines of credit (in Euro)                                                                                                 10,000,000       20,000,000         15,000,000 15,000,000                          
Maintains maximum amount of line of credit                                                                                                             5,200,000                                  
Debt instrument, interest rate during period             6.00%                                       5.30% [2] 5.30% [2] 5.30% [2]         7.40% [3] 7.40% [3] 7.40% [3]         3.90% [6] 4.90% [6] 4.00% [6]   2.80% [5] 2.90% [5] 3.00% [5]     0.50% [1]                                            
Line of credit facility, interest rate at period end                                                                                                                 17.00%         1.53% 2.52%                  
Line of credit facility, interest rate description                                                                                                                   The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum.                            
Debt instrument, number of loans                     2 2                                                                                                                        
Debt instrument, interest rate at period end                                                     5.00% [1] 5.00% [2]             7.10% [3]                                                                       5.50%  
Debt instrument, interest rate, effective percentage                                                                                                                                 4.95%   5.20%          
Convertible subordinated debt                                                                                                                                               $ 532,000
[1] In November 2010, Clopay Europe GMBH (“Clopay Europe”) entered into a €10,000 revolving credit facility and a €20,000 term loan. The term loan was paid off in December 2013 and the revolver had no borrowings outstanding at September 30, 2014. The revolving facility matures in November 2014, but is renewable upon mutual agreement with the bank. The revolving credit facility accrues interest at EURIBOR plus 2.20% per annum. Clopay Europe is required to maintain a certain minimum equity to assets ratio and keep leverage below a certain level, defined as the ratio of total debt to EBITDA. Clopay do Brasil maintains lines of credit of approximately $5,200. Interest on borrowings accrues at a rate of Brazilian CDI plus 6.0% (17.00% at September 30, 2014). At September 30, 2014 there was approximately $3,306 borrowed under the lines. Clopay Plastic Products Company, Inc. guarantees the loan and lines.In November 2012, Garant G.P. (“Garant”) entered into a CAD $15,000 revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.53% LIBOR USD and 2.52% Bankers Acceptance Rate CDN as of September 30, 2014). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At September 30, 2014, there were no borrowings under the revolving credit facility with CAD $15,000 available for borrowing.
[2] In October 2006, CBP entered into a capital lease totaling $14,290 for real estate in Troy, Ohio. The lease matures in 2022, bears interest at a fixed rate of 5.0%, is secured by a mortgage on the real estate and is guaranteed by Griffon.
[3] On February 27, 2014, in an unregistered offering through a private placement under Rule 144A, Griffon issued, at par, $600,000 of 5.25% Senior Notes due in 2022 (“Senior Notes”); interest is payable semi-annually on March 1 and September 1, starting September 1, 2014. Proceeds from the Senior Notes were used to redeem $550,000 of 7.125% senior notes due 2018, to pay a call and tender offer premium of $31,530 and to make interest payments of $16,716, with the balance used to pay a portion of the related transaction fees and expenses. In connection with the issuance of the Senior Notes, all obligations under the $550,000 of 7.125% senior notes due in 2018 were discharged. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. On June 18, 2014, Griffon exchanged all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933 via an exchange offer. The fair value of Senior Notes approximated $570,000 on September 30, 2014 based upon quoted market prices (level 1 inputs).In connection with these transactions, Griffon capitalized $10,313 of underwriting fees and other expenses incurred related to the issuance and exchange of the Senior Notes, which will amortize over the term of such notes. Griffon recognized a loss on the early extinguishment of debt on the 7.125% senior notes aggregating $38,890, comprised of the $31,530 tender offer premium, the write-off of $6,574 of remaining deferred financing fees and $786 of prepaid interest on defeased notes. On February 14, 2014, Griffon amended its $225,000 Revolving Credit Facility (“Credit Agreement”) to extend its maturity from March 18, 2018 to March 28, 2019, and to amend certain financial maintenance and negative covenants to improve Griffon's financial and operating flexibility. The facility includes a letter of credit sub-facility with a limit of $60,000, a multi-currency sub-facility of $50,000 and a swingline sub-facility with a limit of $30,000. Borrowings under the Credit Agreement may be repaid and re-borrowed at any time, subject to final maturity of the facility or the occurrence of a default or event of default under the Credit Agreement. Interest is payable on borrowings at either a LIBOR or base rate benchmark rate, in each case without a floor, plus an applicable margin, which adjusts based on financial performance. Current margins are 1.25% for base rate loans and 2.25% for LIBOR loans. The Credit Agreement has certain financial maintenance tests including a maximum total leverage ratio, a maximum senior secured leverage ratio and a minimum interest coverage ratio, as well as customary affirmative and negative covenants and events of default. The negative covenants place limits on Griffon's ability to, among other things, incur indebtedness, incur liens and make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon’s material domestic subsidiaries and are secured, on a first priority basis, by substantially all domestic assets of the Company and the guarantors and a pledge of not greater than 65% of the equity interest in each of Griffon’s material, first-tier foreign subsidiaries (except that a lien on the assets of Griffon’s material domestic subsidiaries securing a limited amount of the debt under the credit agreement relating to Griffon's Employee Stock Ownership Plan ranks pari passu with the lien granted on such assets under the Credit Agreement; see footnote (d) below). At September 30, 2014, there were $18,929 of standby letters of credit outstanding under the Credit Agreement and $25,000 in outstanding borrowings; $181,071 was available for borrowing at that date.
[4] On December 21, 2009, Griffon issued $100,000 principal of 4% convertible subordinated notes due 2017 (the “2017 Notes”). The current conversion rate of the 2017 Notes is 68.4571 shares of Griffon’s common stock per $1 principal amount of notes, corresponding to a conversion price of $14.61 per share. When a cash dividend is declared that would result in an adjustment to the conversion ratio of less than 1%, any adjustment to the conversion ratio is deferred until the first to occur of (i) actual conversion; (ii) the 42nd trading day prior to maturity of the notes; and (iii) such time as the cumulative adjustment equals or exceeds 1%. As of September 30, 2014, aggregate dividends since the last conversion price adjustment of $0.06 per share would have resulted in an adjustment to the conversion ratio of approximately 0.52%. At both September 30, 2014 and 2013, the 2017 Notes had a capital in excess of par component, net of tax, of $15,720. The fair value of the 2017 Notes approximated $110,188 on September 30, 2014 based upon quoted market prices (level 1 inputs).
[5] In December 2013, Griffon’s Employee Stock Ownership Plan (“ESOP”) entered into an agreement that refinanced the two existing ESOP loans into one new Term Loan in the amount of $21,098 (the "Agreement"). The Agreement also provided for a Line Note with $10,000 available to purchase shares of Griffon common stock in the open market. In July 2014, Griffon's ESOP entered into an amendment of the existing Agreement which provided an additional $10,000 Line Note available to purchase shares in the open market. During 2014, the Line Notes were combined with the Term Loan to form one new Term Loan. The Term Loan bears interest at LIBOR plus 2.38% or the lender’s prime rate, at Griffon’s option. The Term Loan requires quarterly principal payments of $506, with a balloon payment of approximately $30,137 due at maturity on December 31, 2018. During 2014, 1,591,117 shares of Griffon common stock, for a total of $20,000, or $12.57 per share, were purchased with proceeds from the Line Notes. At September 30, 2014, $38,946 was outstanding under the Term Loan. The Term Loan is secured by shares purchased with the proceeds of the loan and with a lien on a specific amount of Griffon assets (which lien ranks pari passu with the lien granted on such assets under the Credit Agreement) and is guaranteed by Griffon.
[6] On October 21, 2013, Griffon refinanced two real estate mortgages to secure loans totaling $17,175. The loans mature in October 2018, are collateralized by the related properties and are guaranteed by Griffon. The loans bear interest at a rate of LIBOR plus 2.75%. At September 30, 2014, $16,388 was outstanding.
[7] In December 2013 and May 2014, Northcote Holdings Pty Ltd entered into two unsecured term loans in the outstanding amounts of AUD $12,500 and AUD $20,000, respectively. The AUD $12,500 term loan requires quarterly interest payments with principal due upon maturity in December 2016. The AUD $20,000 term loan requires quarterly principal payments of $625 beginning in August 2015 with a balloon payment due upon maturity in May 2017. The loans accrue interest at Bank Bill Swap Bid Rate “BBSY” plus 2.8% per annum (5.5% at September 30, 2014 for each loan). As of September 30, 2014, Griffon had an outstanding combined balance of $28,470 on the term loans. Subsidiaries of Northcote Holdings Pty Ltd also maintain two lines of credit of AUD $3,000 and AUD $5,000 which accrue interest at BBSY plus 2.25% per annum (4.95% at September 30, 2014) and 2.50% per annum (5.20% at September 30, 2014), respectively. At September 30, 2014, there were no outstanding borrowings under the lines. Griffon Corporation guarantees the term loans and the AUD $3,000 line of credit; the assets of a subsidiary of Northcote Holdings Pty Ltd secures the AUD $5,000 line of credit.