Scotts Miracle-Gro Reports Expiration And Results Of $500M Exchange Offer For 4.000% Senior Notes

Scotts Miracle-Gro SMG  announced the expiration and results of its previously announced registered exchange offer to exchange any and all of its $500 million aggregate principal amount of 4.000% senior notes due 2031. The notes were issued in a private placement on March 17, 2021, for an equal principal amount of its 4.000% senior notes due 2031, which have been registered under the Securities Act of 1933, as amended.

The exchange offer expired at 11:59 p.m., New York City time, on February 3, 2022. As of that time, $474.98 million aggregate principal amount, or approximately 95.0%, of the original notes had been validly tendered for exchange and not validly withdrawn. All of the original notes validly tendered and not validly withdrawn were accepted for exchange in the exchange offer. The company expects that settlement of the exchange offer will occur on or about February 9, 2022.

The exchange offer was made to satisfy the company's obligations under a registration rights agreement entered into on March 17, 2021 in connection with the issuance of the original notes, and does not represent a new financing transaction.

Price Action

The Scotts Miracle-Gro Company shares traded 0.17% lower at $134 per share during Friday's pre-market session.

Photo: Courtesy of davide ragusa on Unsplash