01/21/2022 | Press release | Distributed by Public on 01/21/2022 06:05
MARYSVILLE, Ohio, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE: SMG) today announced the expiration and results of its previously announced registered exchange offer to exchange any and all of its $400,000,000 aggregate principal amount of 4.375% Senior Notes due 2032, which were issued in a private placement on August 13, 2021 (the "Original Notes"), for an equal principal amount of its 4.375% Senior Notes due 2032, which have been registered under the Securities Act of 1933, as amended (the "Exchange Notes").
The exchange offer expired at 11:59 p.m., New York City time, on January 10, 2022. As of that time, $400,000,000 aggregate principal amount, or 100.0%, of the Original Notes had been validly tendered for exchange and not validly withdrawn. All of the Original Notes validly tendered and not validly withdrawn were accepted for exchange in the exchange offer.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 January 26, 2022.
The exchange offer was made to satisfy the Company's obligations under a registration rights agreement entered into on August 13, 2021 in connection with the issuance of the Original Notes, and does not represent a new financing transaction. The exchange offer was made upon the terms and conditions set forth in the exchange offer documents distributed to holders of the Original Notes, including a prospectus dated December 22, 2021 and the related letter of transmittal.
This press release is not an offer to buy or sell or the solicitation of an offer to buy or sell any of the securities described herein, nor shall there be any offer, solicitation or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About ScottsMiracle-Gro
With approximately $4.9 billion in sales, the Company is one of the world's largest marketers of branded consumer products for lawn and garden care. The Company's brands are among the most recognized in the industry. The Company's Scotts ®, Miracle-Gro® and Ortho® brands are market-leading in their categories. The Company's wholly-owned subsidiary, The Hawthorne Gardening Company, is a leading provider of nutrients, lighting and other materials used in the indoor and hydroponic growing segment. Another wholly-owned subsidiary, The Hawthorne Collective, has been established to invest in emerging areas of the cannabis industry. For additional information, visit us at www.scottsmiraclegro.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release, other than statements of historical fact, which address activities, events and developments that the Company expects or anticipates will or may occur in the future, including, but not limited to, information regarding the future economic performance and financial condition of the Company, the plans and objectives of the Company's management, and the Company's assumptions regarding such performance and plans are "forward-looking statements" within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as "guidance," "outlook," "projected," "believe," "target," "predict," "estimate," "forecast," "strategy," "may," "goal," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "should" or other similar words or phrases. Actual results could differ materially from the forward-looking information in this release due to a variety of factors, including, but not limited to:
Additional detailed information concerning a number of the important factors that could cause actual results to differ materially from the forward-looking information contained in this release is readily available in the Company's publicly filed quarterly, annual and other reports. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
Contact:
Jim King
Executive Vice President
Investor Relations & Corporate Affairs
937-578-5622