Simpson Thacher represented the underwriters, led by J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC, in connection with a public offering by Brunswick Corporation (NYSE: BC) (“Brunswick”) of $1 billion of Senior Notes, consisting of $450 million of 0.85% Senior Notes due 2024 and $550 million of 2.4% Senior Notes due 2031. The offering closed on August 18, 2021. Brunswick intends to use the net proceeds of the offering, together with cash on hand, to fund its previously announced acquisition of Marine Innovations Group AS and, to the extent of any remaining proceeds, consistent with its capital strategy, for general corporate purposes.
In addition, Simpson Thacher represented JPMorgan Chase Bank, N.A., as administrative agent, and the lenders in connection with an amendment to extend and increase Brunswick’s revolving credit facility to $500 million.
Simpson Thacher also represented J.P. Morgan Securities LLC, as dealer manager, in connection with tender offers by Brunswick with respect to its outstanding 7.375% Debentures due 2023 and 7.125% Notes due 2027.
Brunswick designs, manufactures and markets recreational marine products, including leading marine propulsion products, parts and accessories and boat brands, and operates service and shared access businesses, including the world’s largest boat club.
The Simpson Thacher team for the transactions included John C. Ericson, Evan Zuckerman and Nicole Fu (Capital Markets); William Sheehan, Brandan Still, Ron Havas and Collin Hunt (Credit); Nancy Mehlman and Scott Grundei (Tax); Jennifer Neilsson (Executive Compensation and Employee Benefits); Genevieve Dorment, Kate Mirino, Rachel June-Graber and Bobbie Burrows (Intellectual Property); and Jennie Getsin (FINRA and Blue Sky). Summer Associates Yifan Cao, Joshua Frank, Spencer Goodson and Melanie Shapsis also provided invaluable assistance.