Griffon Corporation Announces $100 Million Credit Agreement

JERICHO, N.Y., March 31 /PRNewswire-FirstCall/ -- Griffon Corporation
(NYSE: GFF) today announced that its wholly-owned subsidiary, Telephonics
Corporation, entered into a five-year $100 million revolving credit facility
with J.P. Morgan Securities Inc. as sole lead arranger and sole bookrunner.
The other participating lenders are Bank of America, HSBC Bank USA,
Manufacturers and Traders Trust Company, Capital One, US Bank and Wachovia
Bank. Griffon simultaneously terminated its existing credit facility and
repaid $62.5 million of outstanding debt under that facility with $50 million
provided under the new credit facility together with internal cash.
As previously announced, Griffon is in discussions with prospective
lenders for a senior secured credit facility for its other principal wholly-
owned subsidiary, Clopay Corporation. This facility would be in addition to
the credit facility for Telephonics.
Griffon Corporation --
-- is a leading manufacturer and marketer of residential, commercial and
industrial garage doors sold to professional installing dealers and
major home center retail chains;
-- installs and services specialty building products and systems,
primarily garage doors, openers, fireplaces and cabinets, for new
construction markets through a substantial network of operations
located throughout the country;
-- is an international leader in the development and production of
embossed and laminated specialty plastic films used in the baby diaper,
feminine napkin, adult incontinent, surgical and patient care markets.
-- develops and manufacturers information and communication systems for
government and commercial markets worldwide.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: All statements other than statements of historical fact included in
this release, including without limitation statements regarding the company's
financial position, business strategy and the plans and objectives of the
company's management for future operations, are forward-looking statements.
When used in this release, words such as "anticipate", "believe", "estimate",
"expect", "intend", and similar expressions, as they relate to the company or
its management, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of the company's management, as well as
assumptions made by and information currently available to the company's
management. Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors, including but
not limited to, business, financial market and economic conditions, including,
but not limited to, the credit market, the housing market, results of
integrating acquired businesses into existing operations, competitive factors
and pricing pressures for resin and steel and capacity and supply constraints.
Such statements reflect the views of the company with respect to future events
and are subject to these and other risks, uncertainties and assumptions
relating to the operations, results of operations, growth strategy and
liquidity of the company as previously disclosed in the company's Annual
Report on Form 10-K for the year ended September 30, 2007 in response to Item
1A to Part I of Form 10-K. Readers are cautioned not to place undue reliance
on these forward-looking statements. The company does not undertake to release
publicly any revisions to these forward- looking statements to reflect future
events or circumstances or to reflect the occurrence of unanticipated events.
Contact: Patrick L. Alesia
Chief Financial Officer
(516) 938-5544

SOURCE Griffon Corporation

Patrick L. Alesia, Chief Financial Officer, Griffon Corporation,
+1-516-938-5544