Scotts Miracle-Gro Upsizes & Prices Senior Notes Due 2029
Zacks Investment Research | Oct 09, 2019 08:02AM ET
The Scotts Miracle-Gro Company (NYSE:SMG) announced the pricing of its offering of $450 million total principal amount of 4.5% senior notes due 2029. The move highlights a $50 million increase in the original offering amount.
Scotts Miracle-Gro is expected to employ the net proceeds from the offering to redeem all of its outstanding 6% senior notes due 2023 under the indenture governing the 2023 notes. It also intends to use a portion of the proceeds for general corporate purposes.
The sale of the senior notes is expected to close on Oct 22, 2019, which is subject to customary closing conditions.
Shares of Scotts Miracle-Gro have rallied 35.1% in the past year against the Zacks Investment Research
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