By James McCandless
San Antonio, Feb. 26 – Brunswick Corp. priced $200 million of $25-par senior notes (Baa2/BBB-/BBB) due April 15, 2049 with a coupon of 6.375%, according to an FWP filing with the Securities and Exchange Commission.
There is a $30 million greenshoe.
The offering was announced Monday morning.
Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities, LLC are the joint bookrunners.
J.P. Morgan Securities LLC is the lead manager.
The notes are redeemable on or after April 15, 2024. Prior to that, they are redeemable after a change of control triggering event at 100% of the principal amount plus accrued and unpaid interest.
Brunswick plans to use the proceeds to prepay a portion of its term loans under its three-year facility.
The company plans to list the notes on the New York Stock Exchange.
Brunswick is a Mettawa, Ill.-based producer of recreational and lifestyle products.
| Issuer: | Brunswick Corp.
|
| Description: | Senior notes
|
| Amount: | $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | April 15, 2049
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities, LLC
|
| Lead manager: | J.P. Morgan Securities LLC
|
| Co-managers: | Citizens Capital Markets, Inc., SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc., BMO Capital Markets Corp. and KBC Securities USA LLC
|
| Coupon: | 6.375%
|
| Price: | Par of $25.00
|
| Yield: | 6.375%
|
| Call: | On or after April 15, 2024; Prior to that, after a change-of-control triggering event at 100% of the principal amount plus accrued and unpaid interest
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 4
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Listing: | NYSE
|
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