Brunswick buys back $85 million in 11¾% notes due 2013 for $97 million

By Devika Patel

Knoxville, Tenn., Dec. 2 - Brunswick Corp. said it purchased about $85 million of its 11¾% notes due 2013 in the open market for approximately $97 million plus interest.

Combined with the $12 million in notes bought as part of a tender offer earlier this year, Brunswick has reduced the outstanding principal of the 2013 notes to about $153 million.

The company funded the most recent purchase with a portion of the proceeds from its recently completed $350 million offering of senior secured notes. The proceeds from that sale were also used to retire $149 million of the company's 2011 notes and to fund the $12 million tender offer.

Brunswick is a Lake Forest, Ill.-based maker of recreation products.

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