Brunswick Corporation (NYSE: BC) has announced the early results of its tender offer to purchase for cash an aggregate principal amount of its 5.100% senior notes due 2052. The company has increased the maximum aggregate principal amount subject to purchase pursuant to the offer from up to an aggregate principal amount of $50,000,000 to up to a maximum aggregate principal amount of $100,000,000.
As of 5:00 p.m., Eastern Time, on November 25, 2025 (the "early tender deadline"), the aggregate principal amount of the notes that had been validly tendered and not validly withdrawn in the offer was $111,327,000. Since the offer for the notes was fully subscribed as of the early tender deadline, the company will not accept for purchase any notes validly tendered after the early tender deadline.
The total consideration (the “total consideration”) paid in the offer for notes that were validly tendered and not withdrawn at or prior to the early tender deadline and accepted for purchase will be determined in the manner described in the offer to purchase by reference to the fixed spread for the notes specified in the table above plus the yield to maturity of the reference U.S. Treasury security specified in the table above and in the offer to purchase and will include an early tender premium of $50.00 per $1,000 principal amount of the notes accepted for purchase (the “early tender premium”).
Because the aggregate principal amount of all of the notes validly tendered and not validly withdrawn at or prior to the early tender deadline exceeds the tender cap, the company will not accept for purchase all of the notes that have been validly tendered and not validly withdrawn and will only accept for purchase the notes with an aggregate principal amount equal to the tender cap. Accordingly, notes validly tendered and not validly withdrawn at or prior to the early tender deadline will be subject to proration as described in the offer to purchase. The company will use a proration rate of approximately 90.2% for such notes and will accept $100,000,000 aggregate principal amount of such notes for purchase, adjusted for minimum eligible denominations, as permitted by applicable law.
The company expects the settlement of all notes accepted for purchase to occur on December 1, 2025, subject to all conditions to the offer having been satisfied or waived, including the tender cap. Wells Fargo Securities, LLC is serving as the dealer manager for the offer and D.F. King & Co., Inc. is the depositary and information agent for the offer.
The company has not accepted for purchase any notes validly tendered after the early tender deadline. The terms and conditions of the offer are set forth in the offer to purchase, dated November 12, 2025, as amended by this press release. The offer will expire at 5:00 p.m., Eastern Time, on December 11, 2025, unless extended by the company or the offer has been earlier terminated. As a result of these announcements, the company's shares have moved 0.15% on the market, and are now trading at a price of $67.41. If you want to know more, read the company's complete 8-K report here.
