By Andrea Heisinger
New York, Aug. 12 - Brunswick Corp. priced a split-rated $250 million of five-year senior notes on Tuesday at par to yield 9.75%, market sources said.
The notes (Baa3/BB+/) priced with a yield equivalent to Treasuries plus 657.2 basis points. The notes have a make-whole redemption option of Treasuries plus 50 bps and feature a change-of-control put of 101%.
Bookrunners were Merrill Lynch, Pierce, Fenner & Smith Inc, Banc of America Securities LLC and J.P. Morgan Securities Inc.
Co-managers were RBS Greenwich Capital Markets Inc., Morgan Stanley & Co., Inc., Deutsche Bank Securities Inc., SunTrust Capital Markets Inc. and Wells Fargo Securities LLC.
Proceeds will be used to redeem $250 million of outstanding floating-rate notes due in July 2009.
The manufacturer of boats, marine engines, billiards and bowling equipment is based in Lake Forest, Ill.
| Issuer: | Brunswick Corp.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2013
|
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Inc, Banc of America Securities LLC, J.P. Morgan Securities Inc.
|
| Co-managers: | RBS Greenwich Capital Markets Inc., Morgan Stanley & Co., Inc., Deutsche Bank Securities Inc., SunTrust Capital Markets Inc. and Wells Fargo Securities LLC
|
| Coupon: | 9.75%
|
| Price: | Par
|
| Yield: | 9.75%
|
| Spread: | Treasuries plus 657.2 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BB+
|
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