The Scotts Miracle-Gro Company (NYSE: SMG) announced the completion of a $250 million debt redemption and the initiation of a new share repurchase program, according to an 8-K filing dated September 15, 2026.
The company redeemed all $250.0 million aggregate principal amount of its outstanding 5.250% Senior Notes due 2026 on September 11, 2026. The transaction was executed pursuant to the terms of the indenture governing the notes and was funded through a combination of available revolver debt and planned fiscal year 2026 excess free cash flow.
In addition to debt reduction, Scotts Miracle-Gro has initiated a share repurchase program authorized by the Board of Directors. The company executed repurchases totaling $25 million during the month of August. Management stated that future repurchases will be secondary to the company's commitment to ongoing debt reduction and will be subject to market conditions.
The company also renewed its $750 million accounts receivable facility with JPMorgan Chase Bank, N.A., extending its maturity to August 31, 2027.
Scotts Miracle-Gro reaffirmed its Fiscal 2026 guidance, which projects U.S. Consumer net sales to grow at a low single-digit rate. The company forecasts a Non-GAAP adjusted gross margin of at least 32%, Non-GAAP adjusted net income per share from continuing operations between $4.30 and $4.45, and Non-GAAP adjusted EBITDA growth in the mid single-digit range. The company also targets free cash flow of $275 million, which it expects will drive its leverage ratio down to the high 3s.
The company will close its fiscal year on September 30, 2026, and announce full-year financial results on November 4, 2026.
