The Scotts Miracle-Gro Company Announces Pricing of $400,000,000 Aggregate Principal Amount of Senior Notes due 2032

Rhea-AI Summary

The Scotts Miracle-Gro Company (NYSE: SMG) announced a pricing of $400 million in 4.375% senior notes due 2032. These notes are unregistered under the Securities Act, and their sale is contingent on customary closing conditions, expected to finalize by August 13, 2021. Proceeds will be utilized to reduce existing borrowings and for general corporate purposes, including potential acquisitions. The company reported approximately $4.1 billion in sales, making it a leader in the lawn and garden care market.

Positive

• Pricing of $400 million senior notes indicates strong investor interest.
• Proceeds will help reduce borrowings, improving financial stability.

Negative

• The offering of senior notes is subject to customary closing conditions, which introduces uncertainty.
• The offering is unregistered, limiting immediate investment opportunities.

MARYSVILLE, Ohio, Aug. 10, 2021 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE: SMG) announced today the pricing of its offering of $400,000,000 aggregate principal amount of 4.375% senior notes due 2032 (the “Senior Notes”). The offering of the Senior Notes has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and the Senior Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The sale of the Senior Notes is subject to customary closing conditions and is expected to close on August 13, 2021.

The Company intends to use the net proceeds from this offering to reduce borrowings under the Company’s senior secured revolving credit facility and for other general corporate purposes (including acquisitions and other strategic opportunities).

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Senior Notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Scotts Miracle-Gro
With approximately $4.1 billion in sales, the Company is one of the world’s largest marketers of branded consumer products for lawn and garden care. The Company’s brands are among the most recognized in the industry. The Company’s Scotts®, Miracle-Gro® and Ortho® brands are market-leading in their categories. The Company’s wholly owned subsidiary, The Hawthorne Gardening Company, is a leading provider of nutrients, lighting and other materials used in the indoor and hydroponic growing segment. For additional information, visit us at www.scottsmiraclegro.com.

Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release, other than statements of historical fact, which address activities, events and developments that the Company expects or anticipates will or may occur in the future, including, but not limited to, the Company’s plan to complete an offering of $400 million aggregate principal amount of Senior Notes are “forward-looking statements” within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as “guidance,” “outlook,” “project,” “believe,” “target,” “predict,” “estimate,” “forecast,” “strategy,” “may,” “goal,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “should” or other similar words or phrases. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results could differ materially from the forward-looking information in this release due to a variety of factors, including, but not limited to, the Company’s ability to sell the Senior Notes, general economic conditions and other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended September 30, 2020, as updated from time to time in our subsequent filings with the Securities and Exchange Commission. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.

Contact:

Jim King
Executive Vice President
Investor Relations & Corporate Affairs
(937) 578-5622

SOURCE: The Scotts Miracle-Gro Company

FAQ

What is the senior notes offering by Scotts Miracle-Gro (SMG)?

Scotts Miracle-Gro announced a $400 million offering of 4.375% senior notes due 2032.

When is the closing date for the senior notes offering by SMG?

The closing date for the offering is expected to be August 13, 2021.

How will Scotts Miracle-Gro use the proceeds from the senior notes offering?

The proceeds will be used to reduce borrowings and for other general corporate purposes, including acquisitions.

Is the senior notes offering by SMG registered?

No, the offering of the senior notes has not been registered under the Securities Act.