Brunswick Corp. has recently completed open market purchases of approximately $85 million of its outstanding 11.75% 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 said it 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.
Brunswick consumer brands, include 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.
