Brunswick Corporation : Brunswick Calling Remaining $71.5 Million of 11.25% Notes due in 2013
LAKE FOREST, Ill., July 26, 2012 - Brunswick Corporation (NYSE: BC) announced today that it is calling its remaining $71.5 million of outstanding senior notes, with a current interest rate of 11.25%, due in 2013. The bonds will be retired effective Aug. 27, 2012, at an estimated price of 110.15 percent of the principal amount of the notes, plus accrued interest. This price is determined in accordance with the call provisions of the notes, and is subject to final adjustment. As of today, the Company has retired $28 million of notes in 2012, including $22 million in the second quarter and $6 million in the third quarter. After completion of the call of the 2013 notes, total debt retirements for the year will be equal to approximately $99 million. After completion of this transaction, total 2012 year-to-date debt retirements are expected to result in debt extinguishment losses of $12 million, with approximately $8 million occurring in the third quarter. In addition, lower outstanding debt balances will reduce quarterly interest expense to approximately $15 million, on a run-rate basis, by the fourth quarter of 2012. 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, and Diversified Marine parts and accessories distributors; Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Cabo Yachts, Crestliner, Cypress Cay, Harris FloteBote, Hatteras, Lowe, Lund, Meridian, Princecraft, Quicksilver, Rayglass, Sea Ray, 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. # # # +----------+---------------------------------------------------+ | Contact: | Bruce Byots | | | Vice President - Corporate and Investor Relations | +----------+---------------------------------------------------+ | Phone: | 847-735-4612 | +----------+---------------------------------------------------+ | Email: | bruce.byots@brunswick.com | +----------+---------------------------------------------------+ +----------+---------------------------------------------------------+ | Contact: | Daniel Kubera | | | Director - Media Relations and Corporate Communications | +----------+---------------------------------------------------------+ | Phone: | 847-735-4617 | +----------+---------------------------------------------------------+ | Email: | daniel.kubera@brunswick.com | +----------+---------------------------------------------------------+ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Brunswick Corporation via Thomson Reuters ONE [HUG#1629527]
Released July 26, 2012