Brunswick Corp. recently completed an open-market purchase of approximately $85 million of its outstanding 11.75 percent notes due 2013.
Brunswick purchased these notes for about $97 million, excluding accrued interest.
This action is in line with the company’s objective of reducing its near-term debt maturities to enhance its financial flexibility.
Combined with the purchase of approximately $12 million completed pursuant to a tender offer earlier this year, the company has reduced the amount of 2013 notes outstanding to about $153 million.
Brunswick said it accomplished this most recent transaction using a portion of the net proceeds from its recently completed offering of $350 million senior secured notes due 2016.
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