Brunswick Corporation Announces Final Repayment of Revolving Credit Facility

METTAWA, Ill., Aug. 20, 2020 (GLOBE NEWSWIRE) -- Brunswick Corporation (NYSE: BC) continues to strengthen its financial position with a number of recent actions that have enhanced its liquidity and financial flexibility.  After repaying $300 million of its revolving credit facility in June and July, today the Company announced that it will repay the remaining $85 million balance of this revolving line of credit on August 21.   In March, Brunswick drew down $385 million of its revolving line of credit as a precautionary action in order to increase its cash position and to enhance its liquidity and financial flexibility during a period of substantial uncertainty related to the COVID-19 pandemic. 

In addition, Brunswick recently received a strong endorsement of the Company’s performance and strategy when leading credit rating agencies Standard and Poor’s (S&P) and Fitch Ratings both revised Brunswick’s outlook to “Stable” and reaffirmed the Company’s investment-grade credit rating. 

“As we close out the month of August, we continue to see a very healthy marine industry with strong demand, a large cohort of new and returning boating participants and high levels of boating participation. These factors, together with broad-based share gains across many of our businesses, has continued to drive demand for our products as we wind-down the primary retail selling season.    As a result of the successful execution of our strategy, and consistent with our capital plans, we are repaying the remaining balance of our revolving credit facility,” said Ryan Gwillim, Brunswick Corporation Chief Financial Officer. 

“Both S&P and Fitch cited our business results, the optimized portfolio, strong cashflow and liquidity as well as improved market conditions among the positive factors influencing their enhanced assessment which provides us additional flexibility to support our future financing needs and growth,” added Gwillim.

ABOUT BRUNSWICK

Headquartered in Mettawa, Ill., Brunswick Corporation’s leading consumer brands include Mercury Marine outboard engines; Mercury MerCruiser sterndrive and inboard packages; Mercury global parts and accessories including propellers and SmartCraft electronics; Power Products Integrated Solutions; MotorGuide trolling motors; Attwood, Garelick, and Whale marine parts; Land ’N’ Sea, BLA, Payne’s Marine, Kellogg Marine, and Lankhorst Taselaar marine parts distribution; Mercury and Quicksilver parts and oils; Bayliner, Boston Whaler, Crestliner, Cypress Cay, Harris, Heyday, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern boats; Boating Services Network, Freedom Boat Club and NAUTIC-ON. For more information, visit https://www.brunswick.com.