Brunswick Corp. has priced an offering of $350 million aggregate principal amount of 11.25 percent senior secured notes due 2016 at an issue price of 97.036 percent.
This is an increase from the $250 million the company had previously announced.
The new notes will be secured by first-priority liens on Brunswick's headquarters and domestic retail bowling centers it owns and by second-priority liens on substantially all of the assets that secure Brunswick's existing senior secured revolving credit facility on a first-priority lien basis, the company said in a statement.
The sale of the new notes is expected to be consummated Friday, subject to customary closing conditions.
Brunswick intends to use the net proceeds from the private offering of the new notes primarily to fund its previously announced cash tender offer and consent solicitation for its outstanding 5 percent notes due 2011.
As of July 4, $150 million aggregate principal amount of the 2011 notes was outstanding.
Any proceeds not used to fund the tender amount will be used for general corporate purposes.