The Scotts Miracle-Gro Co. has priced an offering of $450 million for 4.5 percent senior notes due 2029. This represents a $50 million increase in the original offering amount. The company intends to use the net proceeds to redeem all of its outstanding 6 percent senior notes due 2023 and for general corporate purposes.
The sale of the senior notes is subject to customary closing conditions and is expected to close on Oct. 22, 2019.
With approximately $2.6 billion in sales, Scotts is one of the world’s largest marketers of branded consumer products for lawn and garden care. The company’s brands include Scotts®, Miracle-Gro® and Ortho®, as well as the wholly-owned subsidiary, The Hawthorne Gardening Co., which provides nutrients, lighting and other materials to hydroponic growing segment.