Griffon Corp., the Jericho-based holding company, will sell $100 million in convertible subordinated notes due in 2017 to institutional buyers, the company said Tuesday.
Griffon owns Telephonics Corp. in Farmingdale, one of Long Island's largest defense-electronics contractors with about 1,100 employees.
The communications and electronic information, building products and specialty plastics business expects to grant the initial purchasers of the $100 million notes a 30-day option to buy another $15 million in debt.
It will add the proceeds to the $321 million in cash it had on Sept. 30. Griffon will use those funds for general corporate purposes, including working capital, repaying or repurchasing corporate debt, or investments or acquisitions.