secwatch.observer — SEC 8-K summary
======================================

Issuer:     SCOTTS MIRACLE-GRO CO (SMG)
CIK:        0000825542
Form:       8-K
Filed at:   2022-06-08T23:59:59+00:00
Accession:  0001443984-22-000167
Event type: debt
Sentiment:  negative
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/825542/000144398422000167/0001443984-22-000167-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/825542/000144398422000167/smg-20220608.htm
  HTML page:      https://secwatch.observer/filing/0001443984-22-000167

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer