Briggs & Stratton to sell $200 million 10-year bullet notes mid-week

By Paul A. Harris

St. Louis, Dec. 13 - Briggs & Stratton Corp. plans to price a $200 million offering of non-callable 10-year senior notes during the middle part of the Dec. 13 week, according to an informed source.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the joint bookrunners for the offering, which is registered with the Securities and Exchange Commission.

Baird, Deutsche Bank Securities Inc., PNC Capital Markets and U.S. Bancorp Investments are the co-managers.

The non-callable notes come with a make-whole provision at Treasuries plus 50 basis points, in addition to a 101% poison put.

Credit ratings remain to be determined.

Proceeds will be used to redeem the company's 8 7/8% notes due 2011.

Briggs & Stratton is a Wauwatosa, Wis.-based producer of air-cooled gasoline engines for outdoor power equipment.

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