Brunswick Corp. launched a cash tender offer to purchase up to $75 million aggregate principal of its outstanding 11.75 percent Senior Notes due 2013.
As of July 4, the end of Brunswick's second quarter, 2013 notes in an aggregate principal amount of $250 million were outstanding. The tender offer is scheduled to expire at midnight (EDT) Sept. 30. The "early participation deadline" is 5 p.m. (EDT) Sept. 16.
The tender offer is being conducted as a modified "Dutch Auction." The prices specified by holders tendering their notes must be within a range between $930 and $990 per $1,000 principal amount of 2013 notes. The price specified by a holder is exclusive of any applicable early participation payment.
Brunswick will accept 2013 notes validly tendered in the order of the lowest to the highest tender prices specified by tendering holders (in increments of $2.50), and will select the single lowest price (which will be the "clearing price") per $1,000 principal amount of 2013 notes to enable Brunswick to purchase the principal amount of 2013 notes equal to the tender cap.