The Scotts Miracle-Gro Co.'s Proposed $500 Million Senior Unsecured Notes Rated 'B+' (Recovery Rating: '6') - S&P Global Ratings’ Credit Research

The Scotts Miracle-Gro Co.'s Proposed $500 Million Senior Unsecured Notes Rated 'B+' (Recovery Rating: '6')

The Scotts Miracle-Gro Co.'s Proposed $500 Million Senior Unsecured Notes Rated 'B+' (Recovery Rating: '6') - S&P Global Ratings’ Credit Research
The Scotts Miracle-Gro Co.'s Proposed $500 Million Senior Unsecured Notes Rated 'B+' (Recovery Rating: '6')
Published Mar 11, 2021
3 pages (1456 words) — Published Mar 11, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

New York (S&P Global Ratings) March 11, 2021--S&P Global Ratings today assigned its 'B+' issue-level and '6' recovery ratings to The Scotts Miracle-Gro Co.'s proposed $500 million senior unsecured notes due 2031. The '6' recovery rating reflects our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. The company will use the net proceeds from the proposed notes issuance to reduce the outstanding balance on the asset-based loan due 2023. The transaction is leverage neutral. Total debt outstanding pro forma for this transaction is about $2.2 billion. Our existing ratings, including our 'BB' issuer credit rating, are unchanged by the transaction. The outlook is stable. Our rating on Scotts incorporates the company's strong market

  
Brief Excerpt:

...- General Criteria: Group Rating Methodology, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016...

  
Report Type:

Ratings Action

Ticker
SMG
Issuer
Scotts Miracle-Gro Co. (The)
GICS
Fertilizers & Agricultural Chemicals (15101030)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "The Scotts Miracle-Gro Co.'s Proposed $500 Million Senior Unsecured Notes Rated 'B+' (Recovery Rating: '6')" Mar 11, 2021. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/The-Scotts-Miracle-Gro-Co-s-Proposed-500-Million-Senior-Unsecured-Notes-Rated-B-Recovery-Rating-6-2609337>
  
APA:
S&P Global Ratings’ Credit Research. (). The Scotts Miracle-Gro Co.'s Proposed $500 Million Senior Unsecured Notes Rated 'B+' (Recovery Rating: '6') Mar 11, 2021. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/The-Scotts-Miracle-Gro-Co-s-Proposed-500-Million-Senior-Unsecured-Notes-Rated-B-Recovery-Rating-6-2609337>
  
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