Brunswick Corp. announced the pricing of its offering of $200 million aggregate principal amount of 6.375 percent senior unsecured notes due in 2049. Brunswick filed a shelf-registration statement with the Securities and Exchange Commission. Brunswick said in a statement that it granted the underwriters of the offering an option to acquire up to an additional $30 million principal amount of the notes to cover any overallotments.
Brunswick estimates its net proceeds from the offering, after deducting underwriting discounts but before deducting expenses and fees, will be approximately $193.7 million. The offering is expected to close March 4.
Brunswick expects to use the proceeds from the offering to refinance a portion of the bank loans it entered into in connection with the 2018 acquisition of Power Products’ Global Marine and Mobile division. Brunswick acquired Power Products for about $910 million. The company said in June 2018 that it expected the Power Products group to have annual revenues of $233 million.