Brunswick Corp. seek to buy back $75M in debt

Maker of boats and pool tables floats offer to buy back up to $75 in senior secured notes

• On 2:55 pm EDT, Thursday September 3, 2009

LAKE FOREST, Ill. (AP) -- Brunswick Corp. has launched a tender offer to buy back up to $75 million of its debt.

The maker of boats, exercise equipment and pool tables said it would purchase the 11.75 percent senior secured notes due in 2013 in what it called a modified "Dutch auction." The $75 million in notes represents 30 percent of its outstanding 2013 notes.

Noteholders will pick their selling price between $930 and $990 per $1,000 principal amount of 2013 notes. Brunswick will pay the lowest price in that range at which it can purchase up to $75 million in notes.

The tender offer is scheduled to expire at midnight on Sept. 30.

Holders who tender their notes before an early participation deadline of 5 p.m. on Sept. 17, will receive an additional payment of $30 per $1,000 in notes.

Shares of Brunswick Corp. fell 7 cents to $8.43 in afternoon trading.