Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities Inc. and Banc of America Securities LLC, in connection with the issuance by Brunswick Corporation of $350 million aggregate principal amount of 11.250% Senior Secured Notes due 2016. The senior secured notes are secured by first-priority liens on Brunswick's headquarters and owned domestic retail bowling centers and by second-priority liens on substantially all of the assets that secure Brunswick's existing senior secured revolving credit facility on a first-priority lien basis.
Brunswick used a portion of the proceeds from the senior secured notes offering to fund cash tender offers for its outstanding 5% Notes due 2011 and 11.75% Senior Notes due 2013 and intends to use the remaining proceeds for general corporate purposes. Simpson Thacher also represented J.P. Morgan Securities Inc. and Banc of America Securities LLC in their capacities as dealer managers for the tender offers.
Brunswick Corporation is a leading global manufacturer and marketer of recreation products, including marine engines, boats, fitness equipment and bowling and billiards equipment.
The Simpson Thacher team working on these transactions included Art Robinson, Ryan Bekkerus, Frank Kwok and Joseph Green (Capital Markets), William Sheehan and Anthony McMahon (Credit), Erik Hepler (Collateral), Mardi Merjian and Daniel Molina (Real Estate), Jason Vollbracht (Tax), Elisa Alcabes and Tim Mulvihill (Environmental), Julie Levy (Labor), Greg Grogan and Samantha Shipp (Executive Compensation and Employee Benefits) and Marcela Robledo (Intellectual Property). Summer Associate Austin Hill and paralegal Natalie Kone also provided invaluable assistance.