Brunswick Corporation Announces Additional Purchase of Approximately $85 Million of Its Outstanding Senior Notes Due 2013
LAKE FOREST, Ill., Dec 2 /PRNewswire-FirstCall/ -- Brunswick Corporation (NYSE: BC) announced today that it has recently completed open market purchases of approximately $85 million of its outstanding 11.75 percent notes due 2013. Brunswick purchased these notes for approximately $97 million, excluding accrued interest. Combined with the purchase of approximately $12 million completed pursuant to a tender offer earlier this year, Brunswick has reduced the amount of 2013 notes outstanding to approximately $153 million.
Brunswick noted that this action is consistent with its previously stated objective of reducing its near-term debt maturities to enhance its financial flexibility.
Brunswick accomplished this most recent transaction using a portion of the net proceeds from its recently completed offering of $350 million senior secured notes due 2016. The net proceeds were also used to retire $149 million of 2011 notes and, to fund the aforementioned tender offer for the 2013 notes. Additionally, the company reduced its borrowings under the Mercury Marine ABL facility by $74 million during the third quarter, a portion of which was funded with proceeds from the notes offering.
About Brunswick
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Attwood marine parts and accessories; Land 'N' Sea, Kellogg Marine, Diversified Marine and Benrock parts and accessories distributors; Arvor, Bayliner, Bermuda, Boston Whaler, Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Kayot, Lowe, Lund, Maxum, Meridian, Ornvik, Princecraft, Quicksilver, Rayglass, Sea Ray, Sealine, Triton, Trophy, Uttern and Valiant boats; Life Fitness and Hammer Strength fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables and foosball tables. For more information, visit http://www.brunswick.com.
SOURCE Brunswick Corporation
Released December 2, 2009