New Issue: Brunswick sells $1 billion notes in 0.85%, 2.4% three- and 10-year parts

By Wendy Van Sickle

Columbus, Ohio, Aug. 4 – Brunswick Corp. priced $1 billion of senior notes in two tranches (expected: Baa2/BBB-/BBB) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The company priced $450 million of 0.85% notes due 2024 at 99.882 to yield 0.89% at a spread of 55 basis points over Treasuries.

It sold $550 million of 2.4% notes due 2031 at 99.744 to yield 2.429% at a spread of 125 bps over Treasuries.

J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to fund the company's planned acquisition of Marine Innovations Group AS and for general corporate purposes.

The Mettawa, Ill.-based company produces recreational and lifestyle products.

Issuer:	Brunswick Corp.
Issue:	Senior notes
Amount:	$1 billion
Bookrunners:	J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities LLC
Senior co-managers:	U.S. Bancorp Investments, Inc., Citizens Capital Markets, Inc. and Truist Securities, Inc.
Co-managers:	BMO Capital Markets Corp., Citigroup Global Markets Inc., KBC Securities USA LLC
Pricing date:	Aug. 4
Settlement date:	Aug. 18
Expected ratings:	Moody’s: Baa2
	S&P: BBB-
	Fitch: BBB
Distribution:	SEC registered
Three-year notes
Amount:	$450 million
Maturity:	Aug. 18, 2024
Coupon:	0.85%
Price:	99.882
Yield:	0.89%
Spread:	Treasuries plus 55 bps
Call:	On or after Aug. 18, 2022 at par; prior to that, after a change-of-control triggering event at 100% of the principal amount plus accrued and unpaid interest; special mandatory redemption at 101 plus interest if Marine Innovations acquisition has not occurred by 11:59 p.m. ET on Dec. 23, if the issuer notifies that it will not pursue the acquisition or if the purchase agreement has been terminated without consummation
Cusip:	117043AS8
10-year notes
Amount:	$550 million
Maturity:	Aug. 18, 2031
Coupon:	2.4%
Price:	99.744
Yield:	2.429%
Spread:	Treasuries plus 125 bps
Call:	Make-whole call at Treasuries plus 20 bps until May 18, 2031, thereafter at par; special mandatory redemption at 101 plus interest if Marine Innovations acquisition has not occurred by 11:59 p.m. ET on Dec. 23, if the issuer notifies that it will not pursue the acquisition or if the purchase agreement has been terminated without consummation
Cusip:	117043AT6

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