Griffon completes sale of Telephonics to TTM for $330M; declares $2 special dividend, repays $300M debt

GRIFFON CORP

Sold Telephonics to TTM Technologies for $330M cash, subject to post-closing adjustments.
Declared special dividend of $2.00 per share, payable July 20, 2022 to holders of record July 8, 2022.
Prepaid $300M of $800M Term Loan B, permanently reducing outstanding facility.
Total FY2022 dividends through July 20 will be $2.27 per share (including three $0.09 quarterly dividends).
Funding from Telephonics sale proceeds and free cash flow.

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