XML 46 R53.htm IDEA: XBRL DOCUMENT v2.4.0.8
LONG-TERM DEBT (Details)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 15 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 3 Months Ended 3 Months Ended
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Sep. 30, 2011
USD ($)
Sep. 30, 2007
Oct. 21, 2013
USD ($)
Dec. 31, 2013
Convertible Debt 2017 [Member]
USD ($)
Sep. 30, 2010
Convertible Debt 2017 [Member]
Dec. 31, 2012
Convertible Debt 2017 [Member]
USD ($)
Dec. 21, 2009
Convertible Debt 2017 [Member]
USD ($)
Dec. 31, 2013
Letter Of Credit Subfacility [Member]
Revolver Due 2018 [Member]
USD ($)
Mar. 28, 2013
Letter Of Credit Subfacility [Member]
Revolver Due 2018 [Member]
USD ($)
Mar. 28, 2013
Multicurrency Subfacility [Member]
Revolver Due 2018 [Member]
USD ($)
Mar. 28, 2013
Swingline Subfacility [Member]
Revolver Due 2018 [Member]
USD ($)
Mar. 28, 2013
Margin Rate [Member]
Revolver Due 2018 [Member]
Dec. 31, 2013
LIBOR Rate [Member]
Foreign Line of Credit [Member]
Mar. 28, 2013
LIBOR Rate [Member]
Dec. 31, 2013
Bankers Acceptance Rate [Member]
Foreign Line of Credit [Member]
Sep. 30, 2011
Senior Notes [Member]
USD ($)
Dec. 31, 2013
Real Estate Mortgages Loan [Member]
Dec. 31, 2012
Real Estate Mortgages Loan [Member]
Sep. 30, 2013
Real Estate Mortgages Loan [Member]
Dec. 31, 2013
Employee Stock Ownership Plan Loan [Member]
USD ($)
Dec. 31, 2012
Employee Stock Ownership Plan Loan [Member]
Sep. 30, 2013
Employee Stock Ownership Plan Loan [Member]
Dec. 31, 2013
Term Loan [Member]
USD ($)
Dec. 31, 2013
Term Loan [Member]
AUD
Sep. 30, 2011
Term Loan [Member]
EUR (€)
Dec. 31, 2013
Capital Lease Obligations [Member]
Dec. 31, 2012
Capital Lease Obligations [Member]
Sep. 30, 2007
Capital Lease Obligations [Member]
USD ($)
Sep. 30, 2013
Capital Lease Obligations [Member]
Sep. 30, 2011
Revolver Due 2013 [Member]
EUR (€)
Dec. 31, 2013
Foreign Term Loan [Member]
Brazilian CDI [Member]
Dec. 31, 2013
Foreign Term Loan [Member]
USD ($)
Dec. 31, 2012
Foreign Term Loan [Member]
Sep. 30, 2013
Foreign Term Loan [Member]
Dec. 31, 2013
Foreign Line of Credit [Member]
CAD
Dec. 31, 2012
Foreign Line of Credit [Member]
CAD
Sep. 30, 2013
Foreign Line of Credit [Member]
Mar. 28, 2013
Revolver Due 2016 [Member]
USD ($)
Dec. 31, 2013
Revolver Due 2018 [Member]
USD ($)
Mar. 28, 2013
Revolver Due 2018 [Member]
USD ($)
LONG-TERM DEBT (Details) [Line Items]                                                                                    
Debt Instrument, Face Amount $ 21,098       $ 17,175       $ 100,000                 $ 550,000               12,500                                
Debt Instrument, Interest Rate, Stated Percentage                 4.00%                 7.125%                                                
Number of Senior Secured Revolving Credit Facility 2                                                                                  
Line of Credit Facility, Current Borrowing Capacity                     60,000 50,000                                                 15,000     200,000   225,000
Proceeds from Lines of Credit                         30,000                                                          
Line of Credit Facility, Interest Rate During Period                           1.00%   2.00%                                                    
Line of Credit Facility, Amount Outstanding 0   11,013             24,947                             11,091                 3,378                
Line of Credit Facility, Remaining Borrowing Capacity                                                                                 180,053  
Debt Instrument, Convertible, Conversion Ratio           67.8495                                                                        
Debt Conversion, Converted Instrument, Amount           1,000                                                                        
Debt Instrument, Convertible, Conversion Price (in Dollars per share)           $ 14.74                                                                        
Debt Instrument, Convertible, Terms of Conversion Feature             1%                                                                      
Last Conversion Price Adjustment (in Dollars per share)           $ 0.105                                                                        
Potential Conversion Rate Adjustment           0.89%                                                                        
Debt Instrument, Convertible, If-converted Value in Excess of Principal           15,720   15,720                                                                    
Number of Properties Refinanced         2                                                                          
Debt Instrument, Maturity Date Oct. 31, 2018                                               Dec. 31, 2018 Dec. 31, 2018                                
Debt Instrument, Description of Variable Rate Basis     The revolving credit facility accrues interest at EURIBOR plus 2.45% per annum                               The loans bear interest at a rate of LIBOR plus 2.75%.     The loans bear interest at a) LIBOR plus 2.25% or b) the lender's prime rate, at Griffon's option.                                        
Debt Instrument, Basis Spread on Variable Rate 2.45% 1.30%                                 2.75%     2.25%     2.80% 2.80%                                
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                                                                                  
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award (in Shares) 120,000                                                                                  
Share Based Compensation Arrangement by Share Based Payment Award Shares Purchased for Award Value 1,591                                                                                  
Debt Instrument, Periodic Payment, Principal 419                                         505                                        
Debt Instrument Balloon Payment                                           19,000                                        
Proceeds from Issuance of Long-term Debt 57,635 303                                                       14,290                        
Capital Lease Maturity Year       2022                                                                            
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate       5.00%                                                                            
Proceeds from Long-term Lines of Credit (in Euro)                                                     20,000         10,000           15,000        
Line of Credit Facility, Expiration Date Nov. 30, 2014                                                                                  
Maintains Maximum Amount Of Line Of Credit                                                                   5,500                
Debt Instrument, Interest Rate During Period 6.00%                                   3.60% [1] 5.30% [1]   2.90% [2] 2.90% [2]         5.30% [3] 5.30% [3]            [4]    [4]      [4]    [4]        
Line of Credit Facility, Interest Rate at Period End                             1.47%   2.45%                               15.77%                  
Proceeds from Long-term Lines of Credit (in Dollars)                                                     € 20,000         € 10,000           15,000        
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        
Term Loan Maturity Period                                                 Dec. 31, 2016 Dec. 31, 2016                                
Debt Instrument, Interest Rate at Period End                                        [1]      [1]    [2]      [2] 5.42% 5.42%   5.00% [3]     5.00% [3]        [4]      [4]    [4]      [4]      
[1] On October 21, 2013, Griffon refinanced two properties' real estate mortgages to secure new 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%.
[2] In December 2013, Griffon's Employee Stock Ownership Plan ("ESOP") entered into an agreement, which refinanced the two existing ESOP loans into one new Term Loan in the amount of $21,098. The Agreement also provided a Line Note with $10,000 available to purchase shares of Griffon common stock in the open market through September 29, 2014 at which point the Line Note will be combined with the Term Loan. Through December 31, 2013, 120,000 shares of Griffon common stock, for a total of $1,591, have been purchased with the Line Note proceeds. The loans bear interest at a) LIBOR plus 2.25% or b) the lender's prime rate, at Griffon's option. The loans require quarterly principal payments of $505 through September 30, 2014 and $419 per quarter thereafter, with a balloon payment of approximately $19,000 due at maturity in December 2018 (except that if the Company's 7-1/8 Senior Notes due 2018 are still outstanding on October 1, 2017, the Facility will mature on October 1, 2017). The loans are secured by shares purchased with the proceeds of the loans and with a lien on a specific amount of Griffon assets, and Griffon guarantees repayment.
[3] 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.
[4] 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 borrowings of $11,013 at December 31, 2013. 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 2.45% 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 Brazil maintains lines of credit of approximately $5,500. Interest on borrowings accrues at a rate of Brazilian CDI plus 6.0% (15.77% at December 31, 2013). At December 31, 2013 there was approximately $3,378 borrowed under the lines. Clopay Plastic Products Co., 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 (1.47% LIBOR USD and 2.45% Bankers Acceptance Rate CDN as of December 31, 2013). The revolving facility matures in November 2015. Garant is required to maintain a certain minimum equity. At December 31, 2013, there were 0 borrowings under the revolving credit facility with CAD $15,000 available for borrowing.In December 2013, Northcote Holdings Pty. Ltd entered into an AUD $12,500 term loan. The term loan is unsecured, requires quarterly interest payments and principal is due at maturity (December 2016). The loan accrues interest at Bank Bill Swap Bid Rate "BBSY" plus 2.8% per annum (5.42% at December 31, 2013). The Loan is guaranteed by Griffon Corporation and had an outstanding balance of $11,091 at December 31, 2013.