Brunswick Corporation Announces Reference Yield and Total Consideration for Its Any and All Tender Offers
August 10, 2021 at 12:08 pm EDT
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Brunswick Corporation announced the pricing terms of its previously announced tender offers (the ‘Tender Offers’) to purchase for cash any and all of its outstanding 7.375% Debentures due 2023 (the ‘7.375% Debentures’) and 7.125% Notes due 2027 (the ‘7.125% Notes’ and, together with the 7.375% Debentures, the ‘Securities’). The Tender Offers were made pursuant to the terms and conditions set forth in the offer to purchase, dated August 4, 2021, and the related notice of guaranteed delivery (as amended or supplemented, the ‘Tender Offer Documents’). Brunswick refers investors to the Tender Offer Documents for the complete terms and conditions of the Tender Offers. The ‘Total Consideration’ for each $1,000 principal amount of each series of Securities validly tendered and accepted for purchase pursuant to the applicable Tender Offer was determined in the manner described in the Offer to Purchase by reference to a fixed spread over the yield to maturity (the “Reference Yield”) of the Reference U.S. Treasury Security specified in the table above. Holders will also receive accrued and unpaid interest on Securities validly tendered and accepted for purchase from the last applicable interest payment date up to, but not including, the initial settlement date (the “Accrued Interest”). The settlement date is anticipated to be (i) August 11, 2021 (the “Settlement Date”), in the case of each Tender Offer, and (ii) August 13, 2021, in the case of Securities with respect to which a properly completed and executed notice of guaranteed delivery is delivered at or prior to the Expiration Date (the “Guaranteed Delivery Settlement Date” and, together with the Settlement Date, the “Settlement Dates”). For the avoidance of doubt, Brunswick intends to make payment on Securities tendered in accordance with the guaranteed delivery procedures on the Guaranteed Delivery Settlement Date, but Accrued Interest will cease to accrue on the Settlement Date for all Securities accepted in a Tender Offer, including those tendered by the guaranteed delivery procedures. The Tender Offers will expire at 5:00 p.m., New York City time, on August 10, 2021 (the ‘Expiration Date’).
Brunswick Corporation designs, manufactures and markets recreational marine products, including marine propulsion products and boats, as well as parts and accessories for the marine and RV markets. Its segments include Propulsion, Engine Parts and Accessories (Engine P&A), Navico Group and Boat. The Propulsion segment designs, manufactures and sells engines, controls, rigging, and propellers globally. The Engine P&A segment sells products such as engine parts and consumables including oils and lubricants, electrical products, boat parts and systems, and also includes its marine parts and accessories distribution businesses. The Navico Group segment designs, develops, manufactures, and markets products and systems for the marine and RV, specialty vehicle markets. The Boat segment consists of the Brunswick Boat Group (Boat Group), which manufactures and distributes recreational boats, and Business Acceleration. Its boat brands include Boston Whaler, Lund, Sea Ray and Bayliner.