Brunswick Corporation announced the pricing of its offering of $115 million aggregate principal amount of 6.625 percent senior unsecured notes due 2049.
Brunswick also granted the underwriters of this offering an option to acquire up to an additional $17.25 million principal amount of the notes to cover any over-allotments.
Brunswick estimates that its net proceeds from this offering, after deducting underwriting discounts, but before deducting expenses and fees, will be approximately $111.4 million. The offering is expected to close on Dec. 3, 2018, subject to the satisfaction or waiver of customary closing conditions.
Consistent with its capital strategy, Brunswick expects to use the proceeds from the offering to refinance a portion of the short-term bank loans entered into in connection with the recent $910 million acquisition of Power Products – Global Marine & Mobile business.
