Scotts Miracle-Gro amends credit agreement; higher rates, dividend cap through 2024

SCOTTS MIRACLE-GRO CO

Amendment adjusts leverage covenant through April 1, 2024, with higher interest margins when leverage exceeds 4.75x.
Revolver spread increases by 35 bps and term loan spread by 50 bps when leverage >4.75x; facility fee up 15 bps.
Dividends limited to $225M per fiscal year and other distributions capped at $25M during leverage adjustment period.
Consenting lenders receive a one-time fee of 0.10% of commitments and outstanding term loans.
Amendment effective June 8, 2022; requires pro forma leverage compliance for acquisitions and debt incurrence.

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