Scotts Miracle-Gro to pay down revolver with notes proceeds

By Sara Rosenberg

New York, Aug. 10 – Scotts Miracle-Gro Co. plans to pay down borrowings under its revolving credit facility using some of the proceeds from a $400 million senior notes offering, according to a market source.

Remaining proceeds from the notes will be used for general corporate purposes.

As of July 3, the company had about $279 million outstanding under its revolver.

Scotts Miracle-Gro is a Marysville, Ohio-based manufacturer and marketer of branded consumer lawn and garden products.

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