Proceeds will be used to refinance a portion of the short-term bank loans entered into in connection with the Power Products acquisition
Brunswick Corp has announced the pricing of its offering of $115m aggregate principal amount of 6.625% senior unsecured notes due 2049 under an effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC).
The company estimates that net proceeds from this offering, after deducting underwriting discounts but before deducting expenses and fees, will be approximately $111.4m. The offering is expected to close on December 3, 2018.
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 $910m acquisition of Power Products.
Brunswick also granted the underwriters of this offering an option to acquire up to an additional $17.25m principal amount of the notes to cover any over-allotments.
Morgan Stanley; Merrill Lynch, Pierce, Fenner & Smith; and Wells Fargo Securities are acting as joint book-running managers for the offering.