On Sept. 19, 2003, Standard&Poor's Ratings Services assigned its 'BB' senior secured debt rating to lawn and garden care products supplier The Scotts Co.'s proposed $1.2 billion secured bank facilities. Standard&Poor's also assigned its 'B+' rating to Scotts' proposed $200 million senior subordinated notes due 2013, offered under Rule 144A with registration rights. At the same time, the company's 'BB' corporate credit rating was affirmed. The new bank loan and subordinated debt issue ratings are based on preliminary documentation and subject to review once final documentation is received. Proceeds from the term loan and subordinated debt offering will be used to refinance the company's existing credit facility and fund the cash tender offer of its outstanding
