Scotts Miracle-Gro Begins Exchange Of Senior Notes Due 2029
Zacks Investment Research | Jan 12, 2020 09:08PM ET
The Scotts Miracle-Gro Company (NYSE:SMG) has started a registered exchange offer to exchange all and any of its $450 million total principal amount of 4.5% senior notes due 2029 (referred to as original notes). The notes were issued through a private placement on Oct 22, 2019 for an equal principal amount of its 4.5% senior notes due 2029, which have been registered under the Securities Act of 1933 as amended (referred to as the exchange notes).
Scotts Miracle-Gro stated that the exchange offer will meet its obligations under a registration rights agreement entered on Oct 22, 2019, related to the issuance of the original notes. Notably, the exchange does not mark a new financing transaction and the company will not receive any additional proceeds from the exchange offer.
Moreover, the terms of the original notes and exchange notes are substantially identical except some transfer restrictions, additional interest provisions and registration rights are not applicable to the exchange notes. The original notes that are not exchanged will continue to be subject to prevailing transfer restrictions. The company will not have the obligation to provide for the registration of those notes under the Securities Act of 1933.
Unless extended by the company, the exchange offer is slated to expire on Feb 10, 2020. The tenders of the original notes must be validated at or prior to the time of expiry. They may also be withdrawn at any time prior to the expiration time.
Shares of Scotts Miracle-Gro have rallied 58.2% in the past year against the Original post
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