...October 8, 2019 CHICAGO (S&P Global Ratings) Oct. 8, 2019--S&P Global Ratings today assigned its 'B+' issue-level and '6' recovery ratings to The Scotts Miracle-Gro Co.'s proposed $400 million senior unsecured notes due in 2029. The '6' recovery rating indicates our expectation that creditors could expect negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. The company intends to use the net proceeds, together with cash and borrowings under its senior secured revolving credit facility, to redeem all of its outstanding $400 million 6% senior unsecured notes due in 2023. We view the transaction as leverage neutral. We will withdraw our rating on those notes following repayment. All of our other ratings on Scotts, including our '##' issuer credit rating, are unchanged. The outlook is stable. Our rating on Scotts incorporates the company's solid position in the low-growth, highly seasonal lawn-and-garden sector, in particular weed control, insect control, gardening...
