Scotts Miracle Gro: Entered Into A New $1.7 Billion Secured Revolving Credit Facility, Replacing Its Existing $2.2 Billion Facility

The Scotts Miracle-Gro Company SMG announced today that it has entered into a new $1.7 billion secured revolving credit facility, replacing its existing $2.2 billion facility, which was set to expire in February 2012. The transaction completes a process in which the Company has overhauled its capital structure and successfully staggered the maturities and sources of its borrowings. The current facility is scheduled to mature in 2016. Over the past 18 months, ScottsMiracle-Gro had two bond offerings of $200 million apiece which have maturities in 2020 and 2018 respectively. "We are pleased to have now completed the process of replacing our previous credit facility on terms we believe are favorable and in a manner that reduces risk by diversifying both our sources of financing and maturity schedule," said Dave Evans, chief financial officer. "The financing structure is aligned with our business strategy and capital structure strategy, giving us the ability to properly invest in our business while also continuing to return cash to shareholders."