Brunswick gets consents for more than 99.5% of its 5% notes due 2011

By Susanna Moon

Chicago, Aug. 25 - Brunswick Corp. said it received tenders and consents from holders of $149.4 million principal amount of its 5% notes due 2011, representing more than 99.5% of the notes, by the early tender deadline of 5 p.m. ET on Aug. 21.

Brunswick said it accepted and paid for the tendered notes using proceeds from its recently completed offering of $350 million principal amount of 11¼% senior secured notes due 2016.

The tender offer and consent solicitation for any and all of the company's $150 million outstanding 5% notes began on Aug. 11.

The offer will expire at midnight ET on Sept. 4.

As previously noted, the company is offering $970 per $1,000 principal amount of notes.

Holders who tender by 5 p.m. ET on Aug. 21 will also receive a consent payment of $30 per $1,000 principal amount of notes.

The tender offer is subject to the satisfaction of conditions that include the issue of at least $250 million principal amount of debt in one or more financings on terms reasonably satisfactory to it and its receipt of valid tenders and consents from holders of at least two-thirds of the 5% notes.

The information agent is Global Bondholder Services Corp. (866 389-1500 or, for banks and brokers, 212 430-3774).

Brunswick is a Lake Forest, Ill.-based maker of recreation products.

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