Brunswick Corp Issues New Senior Notes

TL;DR

Brunswick just dropped new debt: 6.375% notes due '49, 6.625% notes due '49, and 6.500% notes due '48.

AI Summary

On October 11, 2024, Brunswick Corporation entered into a material definitive agreement related to the issuance of senior notes. Specifically, the company entered into an indenture for its 6.375% Senior Notes due 2049 and its 6.625% Senior Notes due 2049, and also an indenture for its 6.500% Senior Notes due 2048. These agreements represent new financial obligations for the company.

Why It Matters

Brunswick Corporation has taken on new long-term debt, which could impact its financial leverage and future interest expenses.

Risk Assessment

Risk Level: medium — The issuance of new debt increases Brunswick's financial leverage and potential interest payment obligations.

Key Numbers

• 6.375% — Senior Notes Interest Rate (Interest rate for notes due 2049)
• 6.625% — Senior Notes Interest Rate (Interest rate for notes due 2049)
• 6.500% — Senior Notes Interest Rate (Interest rate for notes due 2048)

Key Players & Entities

• Brunswick Corporation (company) — Filer
• 6.375% Senior Notes due 2049 (dollar_amount) — New debt issuance
• 6.625% Senior Notes due 2049 (dollar_amount) — New debt issuance
• 6.500% Senior Notes due 2048 (dollar_amount) — New debt issuance
• October 11, 2024 (date) — Date of report and earliest event

FAQ

Key Financial Figures

• $0.75 — ich Registered Common stock, par value $0.75 per share BC New York Stock Exchang
• $1,000,000,000 — increases the revolving commitments to $1,000,000,000, with the capacity to add up to $100,00
• $100,000,000 — 000,000, with the capacity to add up to $100,000,000 of additional revolving commitments, an
• $500,000,000 — ggregate principal amount not to exceed $500,000,000 at any time outstanding. Amounts avail

Filing Documents

• form8-k.htm (8-K) — 44KB
• ex10-1.htm (EX-10.1) — 921KB
• image2.jpg (GRAPHIC) — 394KB
• 0000950157-24-001406.txt ( ) — 2385KB
• bc-20241011.xsd (EX-101.SCH) — 5KB
• bc-20241011_def.xml (EX-101.DEF) — 20KB
• bc-20241011_lab.xml (EX-101.LAB) — 29KB
• bc-20241011_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 10KB

01

Item 1.01. Entry into a Material Definitive Agreement On October 11, 2024 (the "Closing Date"), Brunswick Corporation, a Delaware corporation (the "Company"), entered into an Amended and Restated Credit Agreement (the "Revolving Credit Agreement") with certain wholly-owned subsidiaries of the Company as subsidiary borrowers and lenders as parties, and JPMorgan Chase Bank, N.A. ("JPMorgan"), as administrative agent. The Revolving Credit Agreement amends and restates the Company's existing credit agreement, dated as of March 21, 2011, as amended and restated as of June 26, 2014, as further amended and restated as of June 30, 2016, as further amended as of July 13, 2018, as further amended and restated as of September 26, 2018, as further amended as of November 12, 2019, as further amended and restated as of July 16, 2021, and as further amended and restated March 31, 2022 (the "Prior Credit Agreement"). The Revolving Credit Agreement increases the revolving commitments to $1,000,000,000, with the capacity to add up to $100,000,000 of additional revolving commitments, and amends the Prior Credit Agreement in certain respects, including, among other things, to extend the maturity date to October 11, 2029, with up to two one-year extensions available. The foregoing description of the Revolving Credit Agreement is not complete and is qualified in its entirety by reference to the Revolving Credit Agreement, which is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.

03. Creation of a

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 with respect to the Revolving Credit Agreement and in Item 8.01 with respect to the CP Program (as defined below) is hereby incorporated by reference into this Item 2.03 insofar as it relates to the creation of a direct financial obligation of the Company.

01. Other Events

Item 8.01. Other Events. On the Closing Date, the Company increased the size of its unsecured commercial paper program, established on December 19, 2019 ("CP Program"), to permit the issuance of commercial paper notes of the Company ("CP Notes") in an aggregate principal amount not to exceed $1,000,000,000 at any time outstanding. Prior to the increase, the CP Program permitted the Company to issue CP Notes in an aggregate principal amount not to exceed $500,000,000 at any time outstanding. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time. At any point in time, the Company intends to maintain available commitments under the Revolving Credit Agreement in an amount at least equal to the amount of CP Notes outstanding. The net proceeds of issuances of the CP Notes are expected to be used for general corporate purposes. Except for the increase in the size of the CP Program described above, the other terms and conditions of the CP Program remain as previously described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 19, 2019. The CP Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The information contained in this Current Report on Form 8-K is neither an offer to sell nor a solicitation of an offer to buy any securities.

01 Financial

Item 9.01 Financial (d) The following exhibits are filed as part of this report: Exhibit No. Description 10.1 Amended and Restated Credit Agreement, dated as of March 21, 2011, as amended and restated as of June 26, 2014, as further amended and restated as of June 30, 2016, as further amended as of July 13, 2018, as further amended and restated as of September 26, 2018, as further amended as of November 12, 2019, as further amended and restated as of July 16, 2021, as further amended and restated as of March 31, 2022, and as further amended and restated as of October 11, 2024, among Brunswick Corporation, the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 104 The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. Cautionary Language Regarding Forward Looking Statements This Current Report on Form 8-K contains forward-looking statements that are based on current expectations of management of the Company. Such statements include plans, projections and estimates regarding (1) the expected use of net proceeds from the issuance under the CP Program and (2) the maintenance of commitments under certain of the Company's debt instruments. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Brunswick Corporation Date: October 11, 2024 By: /s/ Christopher F. Dekker Name: Christopher F. Dekker Title: Executive Vice President, General Counsel, Secretary and Chief Compliance Officer

View Full Filing

View this 8-K filing on SEC EDGAR