The Scotts Miracle-Gro Company Announces Upsizing and Pricing of $450 Million Aggregate Principal Amount of Senior Notes due ...
October 08 2019 - 5:19PM
The Scotts Miracle-Gro Company (NYSE: SMG) announced today the
pricing of its offering of $450 million aggregate principal amount
of 4.500% senior notes due 2029 (the “Senior Notes”). This
represents a $50 million increase in the original offering amount
of 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 October 22, 2019.
The Company intends to use the net proceeds from
the offering (1) to redeem all of its outstanding 6.000% senior
notes due 2023 (the “2023 notes”) in accordance with the indenture
governing the 2023 notes and (2) for general corporate purposes.
This press release does not constitute a notice of redemption with
respect to the 2023 notes.
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 $2.6 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 hydroponic growing
segment.
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 $450 million aggregate
principal amount of Senior Notes and to redeem all of its
outstanding 2023 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
“expects,” “anticipates,” “targets,” “goals,” “projects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” “likely,”
“will,” “should,” or similar words and 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 may differ materially from those in such forward-looking
statements as a result of various 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, 2018, 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 KingExecutive Vice PresidentInvestor
Relations & Corporate Affairs(937) 578-5622
SOURCE: The Scotts Miracle-Gro Company
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