Scotts Miracle-Gro redeems $250 million in senior notes

Marysville, Ohio - Scotts Miracle-Gro Company redeemed $250 million in senior notes and launched a share repurchase program on September 11, according to a press release. The redemption of the 5.250% senior notes maturing in 2026 was financed through a revolving credit facility and projected fiscal year 2026 excess cash flow. Scotts Miracle-Gro extended its $750 million revolving credit facility with JPMorgan Chase Bank, setting a new maturity date of August 31, 2027.

The business executed $25 million in share repurchases in August, commencing a $500 million program authorized by the Board of Directors. The company stated that future repurchases would take precedence after debt reduction and would be contingent on market conditions. Scotts Miracle-Gro affirmed its fiscal 2026 outlook, anticipating low single-digit growth in U.S. Consumer net sales, a non-GAAP adjusted gross margin of 32% or higher, and a non-GAAP adjusted net income per share from continuing operations of $4.30 to $4.45.

The company also upheld its free cash flow objective of $275 million. Strengthening its financial position is a top priority, and CFO Mark Scheiwer expressed satisfaction with the progress made in deleveraging the company. The fiscal year concluded on September 30, 2026, with full-year results expected to be disclosed on November 4, 2026.

Scotts Miracle-Gro generates approximately $3.3 billion in revenues, selling lawn and garden products across North America under well-known brands like Scotts, Miracle-Gro, Ortho, and Tomcat. This story is AI-generated and has been reviewed by an editor.