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LAKE FOREST, Ill. — As of the expiration of its modified Dutch auction tender offer, Brunswick had received tenders from holders of bonds totaling approximately $12 million, the company reported in a release. The tender offer was for up to $75 million in outstanding 11.75 percent notes due 2013.
Brunswick has accepted and paid for the tendered notes using net proceeds from its recently completed offering of $350 million senior secured notes due 2016. After completion of the recent retirement of $149 million of 2011 notes and $12 million of 2013 notes, approximately $165 million of proceeds from the issuance of the 2016 notes remains.
The company said it will continue to evaluate the use of the remaining proceeds, which may include funding intermediate and long-term financial obligations, including additional long-term debt retirements or pension funding, reducing short-term borrowings or supplementing its liquidity.
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