Published on 3/22/2022 in the Prospect News Investment Grade Daily.
New Issue: Brunswick sells $750 million of senior notes due in 2032, 2052
By Wendy Van Sickle
Columbus, Ohio, March 22 – Brunswick Corp. priced $750 million of senior notes in two tranches (Baa2/BBB-/BBB) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The company priced $450 million of 4.4% notes due Sept. 15, 2032 at 99.852 to yield 4.418% at a spread of 205 basis points over Treasuries.
The issuer sold $300 million of 5.1% notes due 2052 at 99.346 to yield 5.143% at a spread of 255 bps over Treasuries.
J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes.
The Mettawa, Ill.-based company produces recreational and lifestyle products.
| Issuer: | Brunswick Corp.
|
| Amount: | $750 million
|
| Issue: | Senior notes
|
| 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., Citigroup Global Markets Inc. and Truist Securities, Inc.
|
| Co-managers: | BMO Capital Markets Corp. and KBC Securities USA LLC
|
| Trustee: | U.S. Bank Trust Co., NA
|
| Counsel to issuer: | Cravath, Swaine & Moore LLP
|
| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
|
| Pricing date: | March 22
|
| Settlement date: | March 29
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| Notes due 2032
|
| Amount: | $450 million
|
| Maturity: | Sept. 15, 2032
|
| Coupon: | 4.4%
|
| Price: | 99.852
|
| Yield: | 4.418%
|
| Spread: | Treasuries plus 205 bps
|
| Call: | Make-whole call at Treasuries plus 35 bps until June 15, 2032, thereafter at par
|
| Cusip: | 117043AU3
|
|
|
| Notes due 2052
|
| Amount: | $300 million
|
| Maturity: | April 1, 2052
|
| Coupon: | 5.1%
|
| Price: | 99.346
|
| Yield: | 5.143%
|
| Spread: | Treasuries plus 255 bps
|
| Call: | Make-whole call at Treasuries plus 40 bps until Oct. 1, 2051, thereafter at par
|
| Cusip: | 117043AV1
|
|
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