DUBLIN, Ireland, June 08, 2023 -- Griffin Global Asset Management (“Griffin”) announces the successful closing by GGAM Finance Ltd. of an aggregate principal amount of $1 billion senior unsecured notes.

The offering comprises $400 million of 7.75% senior unsecured notes due 2026 and $600 million of 8.00% senior unsecured notes due 2028 (the “Notes”). The Notes will be guaranteed by Griffin Global Asset Management Holdings, Ltd. and certain of its subsidiaries.

Proceeds from the issuance of the Notes will be used to partially repay the existing warehouse facility and for general corporate purposes. Reducing the amount of secured debt is consistent with our commitment to achieving investment grade metrics.

Fitch Ratings and S&P Global Ratings have announced their intention, on successful completion of the Offering, to rate Griffin Global Asset Management’s issuer and senior unsecured debt ratings to BB and BB-, respectively.

“We are proud to announce the closing of Griffin’s first unsecured bond issuance, which is an important step in building an investment grade company.  The support Griffin has enjoyed from our banking partners is now complemented by the investors in these notes, both of which we view as key long-term relationships,” said John Beekman, Chief Financial Officer of Griffin.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any jurisdiction and may be offered or sold only in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The Notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.