The Scotts Miracle-Gro Company (NYSE: SMG) on Tuesday announced its plans to offer 4.375% senior notes due 2032. The offering aims to raise total aggregate principal amount of US$400 million.
The manufacturing firm has relayed that the proceeds from the proposed offering are intended for reducing liabilities in the company’s senior secured revolving credit facility, as well as for other general corporate purposes.
The company expects the offering to close on August 13, 2021, subject to customary closing conditions.
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Prior to announcing the offering, the Ohio-based conglomerate also revealed that its newly-established subsidiary The Hawthorne Collective will provide a $150 million convertible loan to Canadian cannabis investment firm RIV Capital (TSX: RIV). The arrangement will effectively have the company take a 42% stake in the Canadian issuer.
The Scotts Miracle-Gro Company last traded at US$159.80 on the NYSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
