The Scotts Miracle-Gro Co (NYSE: SMG) announced that it would exchange any of its $400 million aggregate principal amount of 4.375% Senior Notes. The Notes are due in 2032. They were issued on August 13, 2021, in a private placement. Moreover, the company registered the Senior Notes under the Securities Act of 1933.
The company is making the exchange offer to meet its obligations as per the registration rights agreements, which it entered on August 13, 2021. However, the company will not get any additional amount from the offer as it is not a new transaction.
The terms are almost identical for both notes
The Original Notes and the Exchange Notes terms are nearly identical. However, some extra interest provisions, registration rights, and transfer restrictions only apply to the original notes.
The notes that the company will not exchange in the new offer will still be under the current transfer restrictions. Furthermore, the company will not have to provide the registration of the notes as per the Securities Act of 1933.
The company has stated the expiration date for the exchange offer is 11.59 p.m., New York Time, January 20, 2022. This date will remain unless the company announces an extension period. The original notes’ tenders have to be validly made on or before expiration. They could also be withdrawn before the expiration time.
The terms of the deal are in a letter of transmittal
The company has detailed the terms of the arrangement in a letter of transmittal and a prospectus on December 22, 2021. The U.S Bank National Association, at (800) 934-6802, will handle requests for document copies and assistance on the exchange offer.
The Securities and Exchange Commission (SEC) and declared that the registration statement on Form-S4 for the exchange offer is effective
Scotts Miracle-Gro is a company that manufactures, markets, and sells hydroponic and indoor gardening, garden care, and lawn products. The company runs in three segments, that is, Other, Hawthorne, and U.S Consumer
The company has operations in the U.S and globally. Its lawn care products are outdoor cleaners, spreaders, grass seed products, and fertilizers. It also offers disease, pest, and weed control products.
Scotts Miracle-Gro Company sells its products using the Alchemist, Groundclear, Roundup brands.
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